' What Happens After Bankruptcy Discharge? - Attorney for Tampa Bay
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What Happens After Bankruptcy Discharge?

What Happens After Bankruptcy Discharge Tampa Florida.Bankruptcy Discharge

One of the most exciting things that will happen to you when you file for bankruptcy is receiving the discharge. It’s the most important reason people file for bankruptcy and it means you are no longer legally obligated to pay a debt. But receiving the discharge doesn’t mean you are free to return to your old spending habits or that you should go on as usual as if nothing ever happened.

Your discharge is your goal, but it doesn’t always mean your bankruptcy is over.

There are several things post-discharge that you should know.

The Bankruptcy Estate

First, it’s important to understand the trustee’s job and his or her role concerning the bankruptcy estate.

In Chapter 7 bankruptcy, the trustee’s job might continue past the meeting of creditors. This is especially true if there are assets (which can be rare in chapter 7), but can also be the case if the trustee has to investigate whether or not you have a right to discharge or if there are any non-exempt assets that can be turned into cash.

The trustee will need to assess your bank balances, if this has not yet been done, and conduct transfers if there is anything in those accounts that can be recovered. If there are assets to distribute, he or she will need to review creditors’ claims and if needed, file a tax return.

All of this is happening concurrently as your case moves forward and you get closer to discharge. You’ll know fairly soon after filing your bankruptcy whether or not you’re eligible for discharge or if there’s a dispute over a debt or if a debt is not eligible for discharge. In most cases, creditors are given 60 days after the meeting of creditors to challenge a discharge by filing an adversary proceeding with the bankruptcy court.

If this doesn’t happen you are issued your discharge by the court.

But your case continues – at least the trustee’s work on your case. Your discharge has little bearing on the trustee’s responsibilities at this point and any assets that were eligible for liquidation will continue.

It’s possible the trustee will request additional information from you and you’re still legally obligated to comply with these requests. If you fail to do so, it could lead to an action to revoke the discharge.

The administration of the bankruptcy estate to take years, and all the while you are responsible for providing information if asked or putting your case at risk – even though it seems to be over.

If you’d like to know more about the overall role of the trustee in bankruptcy, check out this information from The Balance.

Most Chapter 7 Cases Include No Assets

In most cases, debtors don’t need to worry about this. Chapter 7 cases often include no assets, which means the trustee can finish his or her work quickly – often before you receive your discharge. But it’s important to understand your responsibilities and know what you need to do to protect your discharge, should any questions arise months or years after you’re granted your discharge.

If you’ve received a request for information from the bankruptcy trustee and you aren’t sure what to do, we can help. We’ll also assist you through the filing process and help you anticipate any issues. For more information or to schedule an appointment, contact the Law Office of Robert M. Geller at (813) 254-5696.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

How Long Should I Keep My Bankruptcy Discharge Papers?

If you've successfully navigated the bankruptcy process and received your discharge papers, congratulations are in order. It's a significant milestone...
Read More

Can I Lose My House If I File for Bankruptcy

The potential loss of your house when filing for bankruptcy depends on various factors. These include the type of bankruptcy...
Read More

What Can You Write Off in Bankruptcy?

Many people filing for bankruptcy aren’t sure what debts can be discharged, or "written off," through bankruptcy. It’s important to...
Read More

How Often are Bankruptcies Denied?

Bankruptcy offers a lifeline for people drowning in debt. It provides a chance to start anew and regain financial stability....
Read More

How Much Debt Should I Have Before Considering Bankruptcy?

Dealing with overwhelming debt and financial hardship is difficult. The prospect of bankruptcy may offer a path toward relief, as...
Read More

How Long Does Chapter 7 Bankruptcy Take to Discharge?

Chapter 7 bankruptcy offers a fresh start and a path toward financial stability for people struggling with debt. But when...
Read More

Does Business Bankruptcy Affect Personal Credit?

Does Business Bankruptcy Affect Personal Credit? For entrepreneurs and business owners facing financial challenges, the prospect of business bankruptcy can...
Read More

Can I Get an Apartment After Filing for Bankruptcy?

Filing for bankruptcy often feels challenging and overwhelming. It also raises a variety of concerns. One of the most common...
Read More

Are SBA Loans Dischargeable in Bankruptcy?

Navigating the complexities of Small Business Administration (SBA) loans and bankruptcy can be a daunting task for many business owners....
Read More

How to Get Bankruptcy Off of Your Credit Report

Rebuilding financial health after bankruptcy is challenging, but that doesn’t mean filing is worth the effort. One common concern for...
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

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