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Importance of Chapter7 discharge in bankruptcy

Posted on: 10th Nov, 2005 03:08 pm
What is meant by chapter7 Discharge?
Hi Derek,

Chapter7 Discharge is a court order obtained by filing Chapter7 bankruptcy that releases the debtor from all the dischargeable debts and protecting the debtor from the creditors by ordering them not to collect the debts from the debtor.

Debtors need not pay the debts from which he is discharged but it may be noted that all debts and persons are not eligible for a Chapter7 discharge.

Hope this information will help you.

God bless you.

For MortgageFit,
Samantha
Posted on: 10th Nov, 2005 03:46 pm
Who are not considered as eligible for a Chapter 7 Discharge?
Posted on: 10th Nov, 2005 04:03 pm
Hi Derek,

Following persons are not eligible for a Chapter7 Discharge -
  • A person who got discharged from Chapter7 Bankruptcy within the last 6 years.

  • A person who got discharged from Chapter13 bankruptcy case within last 6 years.

  • Persons concealing facts and destroying records or producing false
    records about their financial condition.

  • Person failing to give satisfactory explanation regarding loss or shortage of his assets.

  • Persons refusing to answer questions properly and disobeying bankruptcy court orders.
If you require you can have additional information regarding chapter7 bankruptcy here.

God bless you.

For MortgageFit,
Samantha
Posted on: 10th Nov, 2005 04:21 pm
If I filed chapter 7. to write off my debt on credit cards debt. What do they will do? if I have a business do they take my business away or they still let me to operate the business and the business is renting not owned Thanks
Posted on: 26th Mar, 2009 09:09 am
No, I don't think they would take away your business if you file bankruptcy for credit cards only. However, your bankruptcy attorney will help you in a better way regarding this issue.
Posted on: 26th Mar, 2009 10:54 pm
filing for chapter 7 will the courts take my savings
Posted on: 15th May, 2009 06:47 am
Apart from the exempted amount, the bankruptcy attorney can take away your savings. Consult a bankruptcy attorney. He will be the best person to help you.
Posted on: 15th May, 2009 10:03 pm
can a 2nd mortgage be dismmissed through bankruptcy.
Posted on: 30th Jul, 2009 11:14 am
hi guest!

welcome to forums!

i don't think a second mortgage will be dismissed through bankruptcy. you won't be personally liable for the mortgage dues but the lender would still hold the lien on the property. thus, the lender can sell off the property to recover his dues.

feel free to ask if you've further queries.

sussane
Posted on: 30th Jul, 2009 08:30 pm
I am married but the unsecured debt is only my name! Can my wife be exampt?
Posted on: 28th Oct, 2009 06:47 pm
Hi Stephen,

Though you are married, you can file bankruptcy alone. It is not necessary to file bankruptcy jointly.
Posted on: 28th Oct, 2009 09:34 pm
I filed for chapter 7 bankruptcy in MO this year (2009) on April 16th and was discharged in August. My 180 days from filing was up on October 13th.

Unfortunately my mom passed away on Sept 29th, within the 180 days of filing. She had NO will. Her main bank accounts were POD to my older brother. He then in turn wrote me a cashier check for a part of the total amount.

She also had a Beneficiary Deed that said she intended for her assets (her house mostly) to be divided evenly among all her children. (there are 6 of us)

I would think that the cashier check my brother gave would technically be a gift from him and not considered an inheritance. What about the beneficiary deed? It's not a will and only speaks of her intent that we divide her assets evenly. The house is not currently in our name, it isn't ours, even though she passed away a month and a half ago. We would have to enact the beneficiary deed in order for it to be ours.

Would I be required to give my portion, report it, to the trustee? Or would I be able to keep it?

Also 2 of my adult brothers are currently living in her house and had been long before my mom passed. Would that have any bearing on whether I would have to give up the money if and when we decide to enact the beneficiary deed and to sell?
Posted on: 11th Nov, 2009 06:55 pm
Hi BKmidwest,

In my opinion, your bankruptcy attorney will be the best person to answer your queries. As far as I know, if you're inheriting the money through a will, then you'll have to give away the money if the death happens before bankruptcy or within 180 days of filing bankruptcy.
Posted on: 12th Nov, 2009 12:18 am
Can I file Chapter 7 if I am going thru a mortgage modification
Posted on: 06th Dec, 2009 09:02 am
Yes Pearl, you can file Chapter 7 though you are going through the process of loan modification. However, as you file Chapter 7, the lender will stop the process of modifying your loan. He'll rather wait for the judgment of the bankruptcy court.
Posted on: 07th Dec, 2009 12:32 am
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