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A bankruptcy discharge is a court order that releases an individual or business from specific debts and obligations they owe to creditors. In other words, it's a legal process that eliminates the debtor's liability to pay certain types of debts they owe before filing the bankruptcy case.
Medical debt is an unsecured debt, meaning it is not backed by collateral. That being said, it can be discharged through a Chapter 7 bankruptcy. ... Many types of taxes cannot be discharged in ...
If the beneficiary wins a judgment against the trustee, and the trustee files for bankruptcy, the debt (the judgment) cannot be discharged in bankruptcy because the debt was the result of a defalcation. Defalcation, for example, applies when a debtor is acting in a fiduciary capacity.
In most cases, those who owe tax debts cannot discharge these debts in bankruptcy. “Tax debts are considered to be a priority because they are used to fund important government services ...
A bankruptcy cannot be discharged until this document has been lodged. Ordinarily, a bankruptcy lasts three years from the filing of the Statement of Affairs with AFSA. [23] A Bankruptcy Trustee (in most cases, the Official Trustee at AFSA) is appointed to deal with all matters regarding the administration of the bankrupt estate.
If you successfully complete the repayment plan, any remaining eligible debt included in the bankruptcy filing is discharged, meaning you are no longer legally obligated to pay it. Chapter 13 vs ...
A reaffirmation agreement in United States bankruptcy law refers to an agreement made between a creditor and the debtor that waives discharge of a debt that would otherwise be discharged in the pending bankruptcy proceeding. A properly executed, timely filed reaffirmation agreement modifies the discharge such that it is rendered inoperable ...
Being able to afford the attorney fees may mean that you’re ineligible for discharge based on undue hardship: Lawyers can argue that if you can pay attorney fees, you can repay your debts ...