CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Everything You Need to Know about Bankruptcy Discharge

Discharge Is One of the Most Important Aspects of Bankruptcy.

In Chapter 7, once you’ve completed all of your paperwork and gone through the stress of the meeting of creditors, you reach the discharge and are released from your debts. This means you are no longer legally obligated to repay the money you owe. In Chapter 13, discharge occurs after you’ve completed your repayment plan.

When considering whether or not you should file for either type of bankruptcy, it’s important to realize that not all debts are dischargeable and not all bankruptcy cases end in discharge.

What’s this Mean for You?

Student loans, legal penalties or fees, or domestic support obligations included in your bankruptcy do not offer the relief of a discharge. And if you are caught making false statements when you file for bankruptcy, you can be denied discharge all together. Always remember, if you try to game the system your entire bankruptcy will fail.

For more information about which debts are and are not eligible for discharge, check out this article from FindLaw.com.

Creditors are also given an opportunity to object to their debt being discharged in your bankruptcy. Creditors that show up to the meeting must prove that your debt was incurred through fraud or that the money you owe them should not be included in the bankruptcy. A debt can also be dismissed if a creditor can show you did not comply with the rules and requirements, or that it is not eligible for discharge.

Chapter 7 vs. Chapter 13 Bankruptcy Discharge

Chapter 7 bankruptcy is all about the discharge. Your discharge is granted after the objection period for creditors expires, which is about 60 days after your meeting with the bankruptcy trustee. In most Chapter 7 cases, it takes about four to five months to get a discharge, assuming there are no objections or other situations that could delay the case.

In Chapter 13, your focus is on your repayment plan for the majority of the bankruptcy. The discharge comes after you’ve completed your repayment plan, which can be a three to five year process. Most Chapter 13 discharges occur about four to six months after the completion of the plan.

What Happens Once the Discharge is Complete?

Once your debts are discharged, either through Chapter 7 or Chapter 13, you are no longer obligated to repay those debts, unless it is shown there was fraud or wrongdoing associated with your bankruptcy case.

Keep in mind, the discharge is not the end of your bankruptcy case. Creditors have up to a year from the entry of discharge or the date your bankruptcy case is closed to ask that a discharge be revoked. And trustees remain the legal owner of your assets until the case is closed, so you’re unable to sell your home or make any significant financial decision without approval from the trustee.

There are instances in which it takes years to close a case – leaving you feeling helpless and out of control. This is one of the reasons it’s so important to have an attorney working with you when you file for bankruptcy. Not only for help with the process of filing and completing bankruptcy, but also to ensure your bankruptcy is completed and closed properly and within a reasonable period of time.

If you are considering bankruptcy and you have questions about how the discharge of your debts will work, or you would like to speak to someone about beginning the process, contact the Law Offices of Robert M. Geller at 813.254.5696 to schedule a free consultation.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Have You Received a Letter from the IRS About a Tax Debt? Here’s What You Should Know Before Responding

Here's what you need to know if the IRS has contacted you about tax debt. Every year the IRS contacts...
Read More

Here’s How You Can Rebuild Your Credit

How do you repair this damage and rebuild your credit after filing for bankruptcy? Many people believe that filing for...
Read More

How Can You Practice Smart Credit Card Management after Bankruptcy?

How can you learn better credit card management after bankruptcy? Using credit after bankruptcy is an intimidating experience for many...
Read More

How Do You Improve Your Credit Score?

How do you improve your credit score? Here's what you need to know. Your credit score plays an important role...
Read More

Does Bankruptcy Credit Counseling Work?

Bankruptcy credit counseling helps you emerge from bankruptcy understanding credit management. People filing for bankruptcy must take two courses regarding...
Read More

5 Things That Boost Your Credit Score

Your credit score has a major impact on your financial life. You can be a great person with a bad...
Read More

How to Correct Errors on Your Credit Report after Bankruptcy

How do you deal with errors on your credit report after bankruptcy? In a perfect world, you could ignore your...
Read More

Tips for Rebuilding Your Credit after Bankruptcy

One of the primary goals after filing for bankruptcy is rebuilding your credit. As tempting as it might be to...
Read More

I’m Starting a New Life and I want a Financial Fresh Start – Should I File for Bankruptcy Now or Wait?

As the say goes, “when it rains it pours.” If you’ve found yourself experiencing financial difficulties while also dealing with...
Read More

What Does It Mean to Get a “Financial Fresh Start” in Bankruptcy?

Financial Fresh Start You’ve probably heard it before. “Bankruptcy gives you a financial fresh start.” It’s something stated on this...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions