Bankruptcy wipes out most debts. The only ones that aren’t are explicitly not discharged under federal bankruptcy law. Debts Covered by the Discharge The basic rule is that bankruptcy discharges all your debts unless a particular debt fits a listed exception. Focusing on Chapter 7 “straight bankruptcy” today, you will likely receive an Order of Discharge from the bankruptcy court within … Read More
In most Chapter 7 cases nobody opposes your discharge of debts. They get written off. But the trustee is one who might raise issues. Last week we discussed the role of the Chapter 7 trustee in reviewing your assets at the “meeting of creditors.” Today we get into the other main job of the trustee, to, “if advisable, oppose … Read More
It’s a new year. What could be a better resolution than to get a new financial start for 2018!? What could be better than that? An Overall New Financial Start Get a new start by discharging (permanently, legally writing off) all or most of your debts. If you have mostly consumer or small business debts you have two main … Read More
In most straightforward Chapter 7 cases all debts not secured by any collateral are discharged–forever written off. You pay nothing on them.
This 4th of July make your move towards financial freedom. Get informed. You’ll feel tons better once you know your options.
If one of your creditors is not included in your “schedules” you risk continuing to owe that debt after your bankruptcy is finished.
Chapter 7 “straight bankruptcy” and Chapter 13 “adjustment of debts” are quite different, but still be open-minded about which is better.