What is a Bankruptcy Discharge

 OLYMPUS DIGITAL CAMERAWhat is a Bankruptcy Discharge

When you file an Assignment in Bankruptcy, you are placed under the protection of the court so that none of your creditors can take any action (legal or otherwise) to collect the debt owing to them.  This protection of you lasts as long as you are in the bankruptcy period.  During this period, you are known as an undischarged bankrupt.  Like anything else in life, there has to be an end to your bankruptcy.  The end of the bankruptcy process is called a discharge from bankruptcy.  The date of your discharge from bankruptcy is the date on which you are released from all “claims provable in bankruptcy.”

The debts that are not discharged during your bankruptcy  include child and spousal support, fines or penalties imposed by a court (including restitutional orders), debts obtained by fraud, student loans, etc.  Your trustee will review your debts in detail to determine if all or part of your debts will survive bankruptcy.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form.

Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.  To learn more please visit our YouTube  Channel. 

 

Share This Post

Read more from our blog