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Once the debt is discharged by the bankruptcy court, the discharge permanently bars the creditor or debt collector from collection of the debt. Filing for bankruptcy can have long-term consequences so consult a bankruptcy attorney to learn more.
What does it mean when a creditor discharges a debt?
Discharge (of debts) refers to the process in bankruptcy court, when a debtor is no longer liable for their debts, and the lender is no longer allowed to make attempts to collect the debt. The court will issue a decision to discharge debts.
Why would a debt be discharged?
Discharge (of debts) refers to the process in bankruptcy court, when a debtor is no longer liable for their debts, and the lender is no longer allowed to make attempts to collect the debt. The court will issue a decision to discharge debts.
Should I pay on a discharged debt?
Any payments you make on a discharged debt are the result of a moral obligation as the legal obligation to pay the debt has been discharged by the bankruptcy court. In a Chapter 7 case, you are free to pay whomever you want.
Does a discharge affect your credit?
Generally, a bankruptcy discharge does not affect your credit score as much as the bankruptcy itself does. A bankruptcy discharge does not reset your credit history, nor does it affect the length of time that a bankruptcy remains on your credit report.
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If your debt is forgiven or discharged for less than the full amount you owe, the debt is considered canceled in the amount that you dont have to pay. The law provides several exceptions, however, in which the amount you dont have to pay isnt canceled debt.
How long does a discharged Chapter 7 stay on your credit?
A Chapter 7 bankruptcy can stay on your credit report for up to 10 years from the date the bankruptcy was filed, while a Chapter 13 bankruptcy will fall off your report seven years after the filing date.
What does it mean when a debtor is discharged?
What is a discharge in bankruptcy? A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged.
What happens to the debt is discharged?
A discharge releases a debtor from personal liability of certain debts known as dischargeable debts, and prevents the creditors owed those debts from taking any action against the debtor or the debtors property to collect the debts.
What happens when debt is discharged?
If your debt is forgiven or discharged for less than the full amount you owe, the debt is considered canceled in the amount that you dont have to pay. The law provides several exceptions, however, in which the amount you dont have to pay isnt canceled debt.
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