What is a “Discharge” Under Chapter 7?
“Discharge” in the bankruptcy sense refers to clearing the debtor’s slate of all, or most, past debts. Although many people expect that filing bankruptcy will wipe out all of their debts, it is not always the case. Bankruptcy only discharges certain debtors of certain debts. The availability of discharge depends on the type of bankruptcy proceeding involved, who the debtor is, and what type of debts the debtor has. An experienced bankruptcy attorney can advise his or her clients as to which debts will be discharged by a Chapter 7 bankruptcy and which debts will remain. Exempt vs. Non-exempt Property Under Chapter 7 In a Chapter 7 liquidation case, the debtor has to turn certain property over to the bankruptcy trustee so that the property can be sold and the proceeds used to pay off debts. Debtors, whether they are businesses or individuals, are often justifiably concerned about what property they will be allowed to keep and what they must give up. Experienced bankruptcy lawyers can ans
Related Questions
- I received a discharge in a Chapter 7 Bankruptcy, but some debts that could not be discharged remain. Can filing a Chapter 13 help me with these debts?
- How long after filing Chapter 7 bankruptcy and going to court does it take to discharge?
- What is the difference between a Chapter 13 discharge and a Chapter 7 discharge?
