There are certain debts that can never be discharged under any type of bankruptcy. This should be a factor in your decision because the debts will not go away and they will continue to collect interest even during your bankruptcy. Some examples of nondischargeable debts include: * All debts not listed in the bankruptcy petition * Student loans - unless undue hardship to repay
* Taxes - Federal, state, and municipal
* Fines for violating the law: including criminal fines and traffic tickets
* Alimony and child support
* Debts for personal injury caused by driving while intoxicated
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You may be referring to the discharge of debts in bankruptcy. Not all debts can be discharged. Most discharged debts are partially discharged in Chapter 11 and Chapter 13 actions. Debts or the portions thereof that are discharged no longer exist at law and creditors no longer can attempt collection. It is a "fresh start". You attorney can advise you as to which debts are likely to be discharged, which ones reorganized, and which debts will likely not be discharged.
Bankruptcy does not get discharged. Debts are discharged. The bankruptcy will remain on your credit report for 10 years from the date of filing. The debts that were discharged can remain for 7 years from the date of discharge, showing a zero balance and that they were discharged in bankruptcy.
Yes, discharged debts are generally noted as "included in bankruptcy" on a CR.
Not if the debts were actually discharged in the bankruptcy. In regards to the cost of the bankruptcy if the couple were still legally married then that too is not recoverable.
When it is filed. A discharge may be opposed by a creditor and there may be listed debts that cannot be discharged, or unlisted debts that may be discharged, so the "discharge" date is irrelevant.
If tickets were discharged after filing for bankruptcy then someone would not owe on these debts.
Unless it is a tax debt, none. Discharged debts are not income to the debtor.
The act also continues to permit debtors to have their debts discharged, after compliance with the statute, and to possess a not-insignificant amount of assets upon termination of the proceeding.
Chapter 7 is liquidation. All non-exempt assets must be given to the trustee to be sold at auction. All debts that can be discharged will be discharged. Some debts, like student loans and child support arrears, cannot (as yet) be discharged, absent unusual circumstances.
You don't have a choice, ALL debts must be included in your bankruptcy petition. Oh, also, priority debts cant be discharged in a bankruptcy.
The debts have been discharged.
A bankruptcy is not discharged. Debts are discharged. Real estate taxes are a lien on the real estate and would not usually be discharged. Talk to your bankruptcy layer.