Tag Archives: discharge
Can A Creditor Object To A Discharge?
Creditors Can Fight Bankruptcy When a chapter 7 or chapter 13 bankruptcy is filed, does the debtor, the one who filed for bankruptcy, have an absolute right to a discharge of all the debts? Is a discharge of debt an automatic event that happens after a bankruptcy is filed? Unfortunately for the debtor, the creditor Continue Reading
A Closer Look At Chapter 7 Bankruptcy
Chapter 7 bankruptcy is also sometimes known as “liquidation” bankruptcy. Most or all of your debts are cancelled and your non-exempt property is sold, or liquidated, to satisfy some of the debt you owe to creditors. Many people who file Chapter 7 bankruptcy do keep all of their property but it can be completely dependent Continue Reading
Unemployment – How Soon Can You File Bankruptcy After You Lose Your Job?
An unexpected event such as unemployment is never easy to manage if you don’t have financial reserves to depend on. Even if you do have financial reserves, it is difficult to plan a future around an unemployed situation. Unemployment can occur unexpectedly through a layoff or by getting fired from your job. When this happens Continue Reading
Do You Need To Wait Until The End of the Bankruptcy Process To Discharge Debt?
We get many calls and questions around how long the bankruptcy process takes to be over and discharge debt. It is actually not necessary for you to wait all the way until the discharge of your debt at the end of the bankruptcy process in order to relieve you from your collections and debt issues. Continue Reading
Charge-offs and Bankruptcy
On credit reports, some unpaid debts may be noted as “Charged Off” by creditors. This means the the creditor has written this debt off of there books and considered it as bad debt. It does not mean that they cannot continue to collect on the debt. They may continue to contact you about the debt Continue Reading
Bankruptcy Discharge
What Is a Discharge of Debt in Bankruptcy? In the context of a Chapter 7 filing, a bankruptcy discharge is an injunction against the collection of any debt that was a personal liability to you. This means that the debt can no longer be collected on. At the end of the bankruptcy process, the court Continue Reading
Discharge Credit Card Debt With Bankruptcy
It is widely known that a chapter 7 bankruptcy can eliminate or discharge credit card debt if all of the bankruptcy requirements under the bankruptcy code are fulfilled, but what actually happens to all of your credit card accounts after you file for bankruptcy? Here’s some information on what happens with your credit card accounts. Continue Reading
Do You Need to Pay Income Tax on Debts Discharged in Bankruptcy?
Clients have asked us about the affects of discharging debts on income tax. This is a great question to ask because in some similar situations, when debt is forgiven, it can be seen as a type of income which can become taxable. In some real estate situations, if a bank discharges your debt on a Continue Reading