Bankruptcy Discharge Rules for Bankrupt Individuals
Bankruptcy Discharge Rules:
9 month automatic discharge for first time bankrupts who fulfill all their duties and who do not have excess income. (Required monthly payment of less than $100.00 per month)
21 months (or more at the court’s discretion) for first time bankrupts who fulfill all their duties and have excess income. (Required monthly payment of $100.00 per month or greater)
24 months for second time bankrupts who do not have excess income. (Required monthly payment of less than $100.00 per month)
36 months for second time bankrupts who have excess income. (Required monthly payment of $100.00 per month or greater)
Bankrupts with personal income tax debt of $200,000 or more (representing 75 percent or more of total unsecured claims) are not eligible for an automatic discharge. They must go to court for an adjudication.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
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Bankruptcy & Retirement