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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 ...
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 ...
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.
More rarely, personal bankruptcy proceedings are carried out under Chapter 11. The ultimate goal of personal bankruptcy, from the viewpoint of the debtor, is receiving a discharge. [2] In 2008, more than 96% of all bankruptcy filings were non-commercial and about two-thirds of these were chapter 7 cases. [3]
To get debts discharged through Chapter 13, you must wait four years after filing a Chapter 7 bankruptcy. You can file for Chapter 13 before four years if no debts were discharged in the Chapter 7 ...
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 ...
However, many bankruptcy attorneys advise against filing for bankruptcy if you have less than $10,000 in dischargeable debt because the legal fees and filing costs could outweigh any potential ...