Basically, most UNsecured types of debts (there are some exceptions I believe, primarilary Student Loans), may be relieved. Compensatingly, most above the basic need assets can be seized and sold to pay as much of the debt as possible. Secured lenders (who frequently have a clause essentially allowing them to do so if you file bankruptcy) may be able to take the item of security. * Basically in a chapter 7, all unsecured debts, credit cards, promissory notes, etc., any debt that does not have collateral attached; judgments such as wage garnishments, liens that have not been perfected, student loans that are not federally funded. Goods purchased on merchant accounts are secured by the item bought this type of debt is usually settled by the debtor paying the depreciation amount. All secured debts (real property), child support arrearages, federally funded student loans, most (not all) tax arrearages, and in some instances spousal support (alimony) cannot 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.
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.
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.
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.
If tickets were discharged after filing for bankruptcy then someone would not owe on these debts.
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.
A bankruptcy is not discharged. Debts are discharged. An adversarial action can be filed if the case has not been closed, or if closed, reopened.
It depends on which debts are discharged in your bankruptcy. There are several types of debts, such as student loans, which consistently persist through bankruptcy. Moreover, you may be liable even for debts that traditionally are discharged, such as credit card debts, where there is even of bad faith and manipulativeness on your part, i.e. you racked up thousands in credit card debt in the days before filing for bankruptcy.
It means that your debts have been discharged. Although you "technically" still owe those debts, creditors can't take any legal measures to collect those debts.
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.
Debts incurred after a bankruptcy is filed cannot be added to the BK and therefore would not be discharged. Any debts not discharged in a bankruptcy are subject to collection by any means available to the creditor under the laws of the state where the debtor resides,
No - child support debts are not discharged in bankruptcy.
Unless it is a tax debt, none. Discharged debts are not income to the debtor.
The chapter 7 discharge order eliminates a debtor's legal obligation to pay a debt that is discharged. Most, but not all, types of debts are discharged if the debt existed on the date the bankruptcy case was filed. (If this case was begun under a different chapter of the Bankruptcy Code and converted to chapter 7, the discharge applies to debts owed when the bankruptcy case was converted.) Some of the common types of debts which are not discharged in a chapter 7 bankruptcy case are: a. Debts for most taxes; b. Debts that are in the nature of alimony, maintenance, or support; c. Debts for most student loans; d. Debts for most fines, penalties, forfeitures, or criminal restitution obligations; e. Debts for personal injuries or death caused by the debtor's operation of a motor vehicle while intoxicated; f. Some debts which were not properly listed by the debtor; g. Debts that the bankruptcy court specifically has decided or will decide in this bankruptcy case are not discharged; j. Debts for which the debtor has given up the discharge protections by signing a reaffirmation agreement in compliance with the Bankruptcy Code requirements for reaffirmation of debts.
Discharged indicates the bankruptcy has been found valid and the debts that were allowed to be included in the BK have been expunged, (discharged and closed are two different matters). Dismissed means for some reason(s) the bankruptcy filing was not considered valid and the BK petitioner's debts will remain collectible by whatever means the creditor chooses including a lawsuit.
No, only pre-petition debts may be discharged in a bankruptcy.
They can include it, but the creditor/landholder can file a relief of stay to have the debt excluded from being discharged in the bankruptcy. The decision of what debts are to be discharged are determined by state and/or federal law and the bankruptcy judge.
Maybe; see a lawyer.
If a debt was listed on a Bankruptcy that you filed and the Bankruptcy went through then that debt is permanently discharged with a Chapter 7.
Absolutely. This does not mean that all your debts will necessarily be discharged in a bankruptcy proceeding (such as student loans, judgments, etc) but you need to list all types of incomes, debts and any other relevant financial information.
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.
Why not? All debts are discharged, but any other actions, such as evictions, are not affected. And the fact of being discharged in bankruptcy can stay on your credit report for 10 years.
A bankruptcy (either 13 or 7) is filed by a person and is to include ALL debts, not a particular contract. You should speak with a bankruptcy lawyer to find out if you qualify and what debts would be discharged or reorganized under a bankruptcy.
Yes, Your debts can be added to a discharged bakruptcy.Bankruptcy can be very useful and effective in resolving financial problems in certain issues.