Is Bankruptcy Right for You?

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Discharge of Debts in Bankrutpcy

The majority of consumers file for bankruptcy in order to discharge debt. The discharge is ordered by the Court and relieves the debtor from the responsibility of paying off the loan or credit account.

There are some debts however that typically cannot be discharged. These include:

Most taxes
Child support
Spousal support
Student loans
Any lawsuit judgment as a result of personal injury to another because of DUI
Most fines and penalties owed to government agencies

A debt can only be discharged if it arose before the date the bankruptcy was filed. The judge can also choose to exclude a debt if it is found that the debtor obtained money or property fraudulently.

A discharge of debt through Chapter 7 bankruptcy will only be granted, every eight years from the date of when the petition was filed with the court. While you can voluntarily pay a discharged debt, you are not required to do so. A reaffirmation agreement is also not necessary in this case.

I don’t know if you want to put this in, but the statute of limitation to file and obtain another discharge is:

From a Chapter13 to another 13: 2 years from the date of filing the petition

From a 13 to a 7: 6 years

From a 7 to 13: 4 years

While you are not required to pay for property, such as an auto if it has been discharged, the lender has the right to take back the asset. It is critical to the bankruptcy process that all debts for discharge are listed on the petition to the Courts. If a debt is not listed, it may not be discharged. The judge can also deny discharge if it is found that records have been falsified or property has been hidden.

What is a reaffirmation agreement?

While a debt may be eligible for discharge, the consumer may want to keep the asset, such as an automobile. To do this, the debtor will promise to pay the lender through a reaffirmation agreement filed with the Court. A reaffirmation agreement is voluntary and should not place an undue financial burden on the debtor. It can also be cancelled before the discharge of debt is complete.

The reaffirmation must be approved by the Court and will not be legal until it has been. If an individual who is not represented by an attorney wishes to file a reaffirmation agreement, a hearing must be held to answer questions that pertain to the asset.

If a debt is reaffirmed and the debtor fails to pay the loan at a later time, the creditor has the right to recover the property just as if there was no bankruptcy filed. Only an attorney can give you legal advice surrounding a bankruptcy case. The bankruptcy trustee does not represent you in this way.

Free consultation: Call (855) 215-2280 to make an appointment to discuss your case for bankruptcy.

We offer debt relief solutions in compliance with U.S Bankruptcy Code.

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Jacksonville, Florida 32202

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