Bankruptcy Discharge

A discharge in United States bankruptcy law, when referring to a debtor's discharge, is a statutory injunction against the commencement or continuation of an action (or the employment of process, or an act) to collect, recover or offset a debt as a personal liability of the debtor. The discharge is one of the primary benefits afforded by relief under the Bankruptcy Code and is essential to the "fresh start" of debtors following bankruptcy that is a central principle under federal bankruptcy law.
Posts about Bankruptcy Discharge
  • Chapter 7 Bankruptcy: Eligibility and Procedure

    …. Most filings for bankruptcy do so under a Chapter 7 bankruptcy filing. Although Chapter 7 bankruptcy is available to both businesses and individuals, it is more commonly used by individuals. Chapter 7 Bankruptcy Eligibility Not everyone is eligible to file for Chapter 7. In fact, Chapter 7 bankruptcy requires focuses on two major factors when… 14 readers -
  • What is an Adversary Proceeding?

    … What is an Adversary Proceeding? Posted on Aug 18, 2016 By Grant McNutt August 18, 2016 by Grant McNutt An Adversary Proceeding or “AP” as it is often called is basically a lawsuit filed within a bankruptcy case. An AP can be filed by the Trustee, the Debtor or Creditor. To file an Adversary Proceeding, a formal complaint must be filed…

    Grant Mcnutt/ Bond and Botes- 21 readers -
  • When Can Student Loans be Discharged in Bankruptcy?

    … loan debt can be discharged. Note that it is rare for a court to find that a debtor meets this burden. Undue Hardship The section of the Bankruptcy Code that deals with student loans and the discharge is 11 U.S.C. § 523(a)(8). Congress enacted this section of the Bankruptcy Code to prevent students from abusing the fresh start principle of bankruptcy…

    Kathryn Davis/ Bond and Botes- 24 readers -
  • Steps to Take After Your Bankruptcy Discharge

    … Steps to Take After Your Bankruptcy Discharge Posted on Jun 15, 2016 By Nick Gajewski June 15, 2016 by Nick Gajewski If you’ve just received a discharge in a bankruptcy case, then congratulations! You’ve just completed a difficult process and you’re ready to move on with your life and rebuild your credit. There are a few steps you can take…

    Nick Gajewski/ Bond and Botes- 32 readers -
  • Judicial Lien Avoidance In Bankruptcy

    …. This judgment lien or judicial lien is effective both with respect to property owned at the time of the judgment, as well as property acquired after the judgment. A bankruptcy discharge will void the future application of a judgment, preventing it from attaching to property acquired after bankruptcy. However, a discharge does not itself get rid…

    Ronald D. Weiss, PC- 35 readers -
  • How to Fix a Credit Report AFTER a Bankruptcy Filing

    … requested. Keep a copy of the signed and dated letter that you send and also keep the green card you receive back from the post office verifying that the credit reporting agency did receive your dispute letter. Below is what a sample dispute letter should look like where negative information appears in a credit report on the trade line of a discharged…

    Ron Sykstus/ Bond and Botes- 73 readers -
  • Options For 2nd Mortgages After Bankruptcy

    ….” Here are some options when there is a second mortgage lien lingering after discharge. CAVEAT: I am only licensed in California and have just learned that laws vary by state. Please contact a local attorney in your area for more details and perhaps even more options. Find a local lawyer here. It’s important to know that a bankruptcy discharge…

    Christine Kingston/ Los Angeles Bankruptcy Law Monitor- 44 readers -
  • Student Loan Debt Crisis; Fix Undue Hardship

    … is by a preponderance of the evidence, or a totality of the circumstances, depending where you live and I think it needs fixing. I think that private student loans should be permitted in a standard bankruptcy discharge, which takes us back before the Bankruptcy Code changes in 2005. I know that federal student loans provide many repayment alternatives, including a total and permanent disability discharge, so for these loans to be discharged in bankruptcy, there should remain a standard. However, debtors should not …

    Christine Kingston/ Los Angeles Bankruptcy Law Monitor- 40 readers -
  • Reaffirmation of Debts

    … Reaffirmation of Debts Posted on Sep 10, 2015 By Ed Woods September 10, 2015 by Ed Woods When you file a Chapter 7 bankruptcy case and you owe debts that are secured by collateral, you must indicate what you want to do with that collateral. Your basic choices are to either keep possession and use of the collateral or to walk away from…

    Ed Woods/ Bond and Botes- 30 readers -
  • If My Debt Was Discharged in Bankruptcy, Why is There Still a Lien on My Property

    … usually by the signing of a document obligating the client to repay money that is loaned to them. This debt could be unsecured, meaning it is basically borrowed on the client’s “signature.” Or this debt could be “secured” by either language contained in the contract, ie a purchase money security interest that is created because the money borrowed…

    Bond and Botes- 23 readers -
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