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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.
In Chapter 7 bankruptcy, also known as “liquidation bankruptcy,” your non-exempt assets are sold to pay off creditors. Most of your remaining eligible debts are discharged once these assets ...
As part of Chapter 7 bankruptcy, your credit card debt is typically discharged immediately. On the other hand, Chapter 13 bankruptcy focuses on reorganizing your debts.
Chapter 13 bankruptcy, also known as reorganization bankruptcy, allows certain debts to be discharged without giving up important assets. However, one of the major caveats of this legal process is ...
Receive your bankruptcy discharge. Wait for the discharge notice. If there are no objections, the court will issue an order discharging your eligible debts. Is a bankruptcy attorney worth the money?
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 ...