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whether bankruptcy is same as discharged debts

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Icon Mini Profile bhandari_payal1





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Post Posted: Fri Aug 24, 2007 3:36 am    Post subject: whether bankruptcy is same as discharged debts
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i want to know about discharged debts its meaning, filling how an individual fill for it
Icon Mini Profile adonis
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Post Posted: Fri Aug 24, 2007 3:49 am    Post subject:
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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.

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Icon Mini Profile larry





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Post Posted: Fri Aug 24, 2007 4:56 am    Post subject:
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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.
Icon Mini Profile wildstorm_films
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Post Posted: Thu Aug 30, 2007 8:52 am    Post subject:
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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?
Icon Mini Profile larry





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Post Posted: Thu Aug 30, 2007 8:31 pm    Post subject:
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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.
Icon Mini Profile wildstorm_films
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Post Posted: Thu Aug 30, 2007 9:33 pm    Post subject:
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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??
Macbeth

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Post Posted: Fri Aug 31, 2007 12:36 am    Post subject:
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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.
Icon Mini Profile wildstorm_films
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Post Posted: Fri Aug 31, 2007 6:39 pm    Post subject:
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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.
Gary Fisher

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Post Posted: Fri Aug 31, 2007 6:55 pm    Post subject:
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yup that is the bad thing about life....
Sandy

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Post Posted: Fri Aug 31, 2007 10:50 pm    Post subject:
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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.
Icon Mini Profile evolovik26
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Post Posted: Sat Sep 01, 2007 3:35 pm    Post subject:
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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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