Any debt discharged through BK is cleared and no longer exists.
The debt may no longer exist but the lien against the property still exists. While you do not have to pay the loan, the note holder can still take possession of the property.
Federal Student loans cannot be discharged in bankruptcy. You must repay them.
There is no reason to repay a loan after a discharged bankruptcy, if you have done so, you can reclaim all your money from the creditor (you'll have to go through court).
You can voluntarily repay any creditor whose debt was discharged. Do not enter into a payment plan, or make regular payments, or you may reinstate the debt.Bankruptcy only prevents the creditor from taking any action to collect the debt. It does not prevent you from paying.
Yes, if a debt is discharged the debtor no longer has to pay.
No-the accounts have been discharged in bankruptcy.
The act of taking away a mortgage is known as mortgage discharge or mortgage payoff. It refers to the process of paying off the outstanding balance on a mortgage loan, thereby releasing the borrower from the obligation to repay the debt. Once the mortgage is discharged, the borrower gains full ownership of the property.
If the mortgage is in both names, or if there is significant joint debt, you are better off filing bankruptcy jointly before the divorce is final. If the mortgage company forgives the balance, it will count as income to you and you will have to pay taxes on it in the following year, unless you file bankruptcy. Or the mortgage company can sue on the deficiency and get a judgment good for 10 or 20 years. Unless you file bankruptcy.
Bankruptcy is a federal court process. It is designed to help consumers and businesses eliminate debt or repay debts under the protection of the bankruptcy court. There are two categories of bankruptcy, "liquidation" or "reorganization":Liquidation bankruptcy (or Chapter 7) - a consumer or business asks the court to discharge the debts owed (some debts cannot be discharged). In exchange, the business's assets or the consumer's property is sold (liquidated) and the proceeds are used to pay off the creditors.Reorganization bankruptcy (chapter 13) - involves filing a plan with the bankruptcy court suggesting how you will repay your debt. Some debts must be repaid in full while others require only a percentage or nothing at all.
a legal declaration that you are unable to repay your debts
You can take a small business loan, but you will have to repay it or face bankruptcy and having your assets seized. Instead you can pursue a grant, which you do not have to repay.
mortgage
Mortgage