Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What happens if i do not complete my bankruptcy or if I am not released from bankruptcy?

0
Posted

What happens if i do not complete my bankruptcy or if I am not released from bankruptcy?

0

If you do not complete your duties as a bankrupt, you will not be released from bankruptcy and the Trustee will proceed to be discharged from your bankruptcy. After the Trustee ceases to be involved in your bankruptcy, your creditors may resume collection for full payment of their claims. In addition, your creditors seize any assets in excess of your exemptions to satisfy their claims. The full performance of your bankruptcy, or the obtaining of your discharge, is what eliminates your responsibility to repay your creditors. If you do not obtain your discharge, the creditors can resume collection for full payment after the Trustee ceases to be involved in the bankruptcy proceedings.

Related Questions

What is your question?

*Sadly, we had to bring back ads too. Hopefully more targeted.

Experts123