whether bankruptcy is same as discharged debts

bhandari_payal1 · Joined: 24 Aug 2007 Posts: 1 1.42 Dollars($)

i want to know about discharged debts its meaning, filling how an individual fill for it

adonis · Posted: Fri Aug 24, 2007 3:49 am Post subject:

Welcome Bhandari,

Discharged debts and bankruptcy are not one and the same. Bankruptcy is the process that can help you to discharge or get rid of debts. Discharge debts mean clearing the debts either by paying off a part of them or by filing a chapter 7 bankruptcy which implies that a debtor is financially incapable to pay off his debts anymore.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Bhandari,

Bankruptcy and discharged debts are different from each other. A bankruptcy frees a debtor from any debts or liabilities by either allowing to modify the loan or by eliminating a portion of his debts. While discharged debts means that the debts are paid off and it must be reported to the credit bureau to remove them from your credit report.

wildstorm_films · Joined: 22 Aug 2007 Posts: 131 8.66 Dollars($)

Could a bankruptcy get rid of 2 mortgages and 4 credit cards? If so, typically how much would this cost for the person doing a bankruptcy?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Wildstorm,,

When you get qualified for a bankruptcy, the court will appoint a bankruptcy trustee who will monitor over the payments of your debts. Generally during a bankruptcy, payments towards the secured debts like mortgages are given more priority over unsecured debts.

The total cost for filing Chapter 7 bankruptcy will be around $299 and for Chapter 13 bankruptcy, it will be around $ 274. But the exact bankruptcy cost can only be provided by an attorney.

wildstorm_films · Joined: 22 Aug 2007 Posts: 131 8.66 Dollars($)

Hi Wildstorm,,

When you get qualified for a bankruptcy, the court will appoint a bankruptcy trustee who will monitor over the payments of your debts. Generally during a bankruptcy, payments towards the secured debts like mortgages are given more priority over unsecured debts.

The total cost for filing Chapter 7 bankruptcy will be around $299 and for Chapter 13 bankruptcy, it will be around $ 274. But the exact bankruptcy cost can only be provided by an attorney.

Wait a minute..... I thought it was expensive to file for bankruptcy??

Guest 0.10 Dollars($)

Hi Wildstorm,

I agree with you that the cost of filing for bankruptcy is quite expensive. Filing Chapter 7 bankruptcy will cost around $1,500-$2,500 and for Chapter 13, the cost will be around $3,500.

wildstorm_films · Joined: 22 Aug 2007 Posts: 131 8.66 Dollars($)

Yeah thats funny how that works. If you absolutely want to get out of debt the easy way, its gonna cost you either $1500 or $3500. If people had that kind of money they could pay on their debt instead of filing for bankruptcy.

Guest 0.10 Dollars($)

yup that is the bad thing about life....

Guest 0.10 Dollars($)

The cost of bankruptcy is really high. Most of the people really find it difficult to bear the costs. And if they cannot afford it, they cannot get out of their debts.

evolovik26 · Posted: Sat Sep 01, 2007 3:35 pm Post subject:

multiple discharged debts typically will have more of an adverse effect on your credit then a well setup bancruptcy. And you still owe money on your charged off debts.
and it is cheap to file bancruptcy what you pay for is the attorneys expertise in the mater because you have to show that you have the need for bancruptcy and cant afford to make your payments. And as we all know different lawyers charge different rates.

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