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 Does Filing for Bankruptcy Affect a Vehicle Loan?

If you're considering bankruptcy, you may be wondering if you'll be able to keep your car. The answer depends on...
Read More

8 Ways to Deal with Student Loan Debt

If you're one of the millions of Americans saddled with student loan debt, you're probably looking for ways to minimize...
Read More

Tips for Handling Credit Card Debt

If you're struggling with credit card debt, you're not alone. The average American household owes nearly $6000 in credit card...
Read More

Don’t Fall for These Common Bankruptcy Myths

There are a lot of misconceptions out there about bankruptcy. Working with a debt defense attorney is one of the...
Read More

Can Filing for Bankruptcy Affect My Career?

It’s common for people considering bankruptcy to wonder how filing affects their job. The answer to this question depends on...
Read More

Can I Fix My Credit After Bankruptcy?

Wondering how to improve credit after bankruptcy? Here's what you need to know. Bankruptcy can be a fresh start for...
Read More

What Happens If I Can’t Afford Chapter 13 Bankruptcy?

Are you wondering what happens if I can’t afford my chapter 13 payments? Here's what you need to know when...
Read More

Help I Regret Filing for Chapter 7 Bankruptcy

Bankruptcy isn't the right choice for everyone. Depending on your unique financial situation, you may be able to find other...
Read More

How a Bankruptcy Attorney Helps You Avoid Problems When Filing

Do you know what mistakes to avoid when filing for bankruptcy? If you're considering filing for bankruptcy, it's important to...
Read More

These 7 Common Bankruptcy Mistakes Can Cost You Thousands

Bankruptcy is a legal process that allows individuals or businesses to eliminate or repay some or all of their debts....
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