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What is the difference between a discharged or dismissed chapter 7 bankruptcy?
Wiki User
∙ 13y ago
A discharged bankruptcy indicates the filing was found valid, approved and executed. The debtor is no longer obligated for those debts that were included in the bankruptcy. A dismissed bankruptcy indicates the BK was found to be invalid. It could the result of missing documentation, misrepresentation of facts and so forth. An important factor could be if the bankruptcy is dismissed with prejudice or simply dismissed.
Wiki User
∙ 18y ago
Wiki User
∙ 18y agoDischarge indicates that the Chapter 13 terms have been fulfilled as agreed. Dismissal means the bankruptcy was dismissed because the terms were not being met or other factors. When a BK is dismissed the debtor is no longer under the protection of BK law and creditors can resume debt collection proceedings such as lawsuits, garnishments, and so forth.
Wiki User
∙ 17y agoDischarged 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.
Wiki User
∙ 13y agoDischarge means your BK case is complete and finished. The case has been resolved and closed.
Dismissal is when the BK court throws out (or discontinues) your BK petition/case (meaning among other things that collectors are now free again to collect from you). Dismissals are frequently done because of legal techncalities/requirements not being met, (like failing to timely file or respond to what the court needs. And also the finding of some error that undermines your right to protection like you didn't disclose/report some asset or source of income or such - (even if it was "exempt" which is what the court decides, not you).
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Whats the difference between discharged and dismissed?
In very simple terms, discharged means the BK filing was found valid, and the bankruptcy has been granted. Dismissed means that there was/were (an) error(s) of some sort in the filing and the BK has been disallowed. .
In bankruptcy what is the difference between release forms and discharge forms?
what is the difference between release forms and discharge forms in bankruptcy law..
What is a Reaffirmation agreement in chapter 7 bankruptcy?
A reaffirmation agreement is an agreement between the debtor and the lender that the underlying debt with not be discharged in bankruptcy. The debtor will remain personally liable for repaying the debt even after the bankruptcy.
What is the difference between breach of contract and discharge of contract?
Discharged mean terminated. A contract can be discharged by -performance -frustration -Agreement between the parties and -breach If there is a breach of terms of the contract, a contract can be discharged.
What are the key differences in bankruptcy laws between Florida and California?
Bankruptcy laws are federal so there is probably no difference in bankruptcy laws between Florida and California.
How long does it take after a bankruptcy is discharged to show on your credit report?
The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.
What is the difference between debt settlement vs bankruptcy?
There is a subtle difference between debt settlement and bankruptcy. Debt settlement allows a person to pay off some of their debt with their creditors. Bankruptcy claims do not result in payment of the debt. Either practice creates bad credit scores for the consumer.
What is the difference between a chapter 11 bankruptcy voluntary dismissal and a chapter 11 bankruptcy dismissal via consent order?
There really isn't much difference in these cases. The difference is just one of how they were filed. Both are voluntary dismissals.
If you file for bankruptcy then shortly after you come into a decent sum of money can creditors go after that money?
The money might be included in the bankruptcy even is a discharged has occurred. The time between the discharge and the receiving of the money would be the deciding factor. If the bankruptcy has not yet been discharged the money might be included in the procedure as assets, unless it held exemption status.
How long after a chapter 13 has been discharged can you apply for credit?
Between five (5) and six (6) years, depending on how long it took to discharge the chapter 13 bankruptcy. Generally a total of ten (10) years after the bankruptcy appears on your credit report is required before applying for prime credit. The average chapter 13 takes 4-5 years to be discharged, leaving about 5 years of having the bankruptcy still on your credit report.
Your bankruptcy discharged on 2003 in pa how long it stay on your credit report?
10 years here in my state. Between 7-10 in most states - check with local law to find out.
What is the difference between a company going bankrupt and getting bankruptcy protection?
One and the same...going bankrupt means they have legally asked for protection under the bankruptcy laws.
