Debt and Bankruptcy
Home Equity and Refinancing
Bankruptcy Law

What is a discharged bankruptcy?

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Wiki User
2005-05-01 18:39:23

In a chapter 7 it is a total liquidation BK, that has been found

valid and has been approved. Therefore the debtor(s) are discharged

from the debt(s) that were included in the BK. A discharged BK is

not the same as a closed BK. If it is a chapter 13, it indicates

that the debtor(s) have fulfilled their obligation of repaying the

amount to creditors that was ordered in the BK. After the trustee's

audit a chapter 13 is considered closed

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