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A discharge is a type of sentence imposed by a court whereby no punishment is imposed. An absolute discharge is an unconditional discharge whereby the court finds that a crime has technically been committed but that any punishment of the defendant would be inappropriate and the case is closed. In some jurisdictions, an absolute discharge means ...
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.
Even though bankruptcy does not always discharge all of your debts, it can still be helpful to file in some cases. Bankruptcy is designed to give filers a fresh financial start. Bankruptcy is ...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
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 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...
Section 523(a)(6) of the Bankruptcy Code; 11 U.S.C. § 523(a)(6) Geiger , 523 U.S. 57 (1998), was a United States Supreme Court case in which the Court ruled that debt arising from a medical malpractice judgment, attributable to negligent or reckless conduct is dischargeable under the Bankruptcy Code.
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 ...