What Is a Bankruptcy Discharge?
Seeking a Bankruptcy Discharge in Cleveland
A bankruptcy discharge is a court order that legally releases you from
personal liability for certain debts after competing your bankruptcy case.
In addition to the debt forgiveness, creditors are no longer able to communicate
with you by phone, mail, or in person, or take legal action against you
for those debts.
Chapter 7 bankruptcy, the discharge is typically granted about four months after the petition
is filed. A
Chapter 13 bankruptcy discharge is granted after completion of your plan payments.
Whether it is a chapter 7 or a chapter 13 bankruptcy, a discharge does not:
- Cancel or extinguish certain debts like alimony or child support
- Discharge co-debtors liability
- Eliminate the creditor's security interest
What Debts are Discharged in Bankruptcy?
The types of debts discharged depend on whether you filed for Chapter 7
or Chapter 13 bankruptcy.
In a Chapter 7 bankruptcy, your trustee will liquidate your nonexempt assets
and divide their value among your creditors, and your remaining debts
will be discharged.
In a Chapter 13 bankruptcy, after completing your repayment plan, any remaining
debts are discharged.
Commonly discharged debts include:
What Debts Cannot be Discharged?
Certain debts are not able to be discharged under either Chapter 7 or Chapter
Nondischargable debts in any form of bankruptcy include:
- Child support
- Certain criminal fines
- Certain taxes
- Debts you did not list in your bankruptcy
Student loans (in the vast majority of cases)
Certain debts are also nondischargable in Chapter 7 that can be discharged
in Chapter 13, and vice versa.
Nondischargable debts in Chapter 7 include:
- HOA fees
- Debts not discharged in a previous bankrutpcy
- Retirement plan loans
Nondischargable debts in Chapter 13 include:
- Debts from willful or malicious actions
- Debts from fraud
- Debts from recent luxury purchases
Why Hire Knevel Law Co. LPA to Handle Your Bankruptcy?
bankruptcy lawyer from our firm has
over 45 years
of combined experience serving clients across Cleveland, Akron, Canton, Elyria, and Garfield
Heights with skilled representation and legal advocacy. We know what it
takes to discharge debt and can educate you on the options available as
you seek to establish financial freedom.
As a BBB A+ rated firm, our attorneys have filed over 18,000 bankruptcies
cases on behalf of our clients.
Call Knevel Law Co. LPA for the Representation You Need.
Are you interested in clearing all of your debts or saving your home from
foreclosure? Financial relief may be possible with the help of the experienced attorneys
at our firm. Meet with our Cleveland bankruptcy lawyers at Knevel Law
Co. LPA to learn more about bankruptcy discharge and what can be done
in your case.
Call (216) 450-6689 for a
free case consultation to discuss your bankruptcy with our dedicated bankruptcy lawyers.