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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.
Non-dischargeable debts: Not all debts are dischargeable through Chapter 13. For example, student loans, certain tax obligations and domestic support arrears generally remain your responsibility ...
If you were to file for bankruptcy, you might experience an unwelcome shock in finding out this does not discharge all forms of debt. Those who carry certain debts are still held responsible for...
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 the discharge of indebtedness occurs in a Title 11 case—i.e., a bankruptcy; If the discharge of indebtedness occurs when the taxpayer is insolvent; If the indebtedness discharged is qualified farm indebtedness; If the indebtedness discharged is qualified real property business indebtedness
The goal of declaring bankruptcy varies, but usually involves the dissolution of burdensome unsecured debt (as in Chapter 7 bankruptcy) or debt restructuring or repayment (as in Chapter 11 or ...