When a person files for bankruptcy, he or she is attempting to be released from certain debts owed to creditors. If a debtor is granted a discharge he or she is no longer personally liable for or legally required to pay the discharged debts. This mean that creditors are prohibited from taking any further debt collection actions, such legal action or any communication including phone calls, personal visits, or letters.
A debtor will usually receive a discharge unless there is some sort of litigation that contains objection to the discharge. However, not all debts are discharged. Certain categories of debts are specifically excepted under each chapter of the Bankruptcy Code because of public policy reasons, such as if the debt was gained because of the improper behavior of the debtor. Therefore the debtor is still obligated to repay these types of debts after bankruptcy.
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The debtor's right to a discharge varies depending on the type of bankruptcy filed. Under chapter 7 bankruptcy, a debtor does not have an absolute right to a discharge, and a creditor or trustee may file an objection. A court might deny a chapter 7 discharge because of:
Destruction or concealment of records Failure to complete an educational course on personal financial management Concealment or transfer of property with an intent to fraud creditors Failure to provide requested documents Failure to account for the loss of assets Violation of a court order or an earlier discharge Perjury Under chapter 12 or chapter 13 bankruptcy, the debtor is in most cases entitled to a discharge once all payments under the bankruptcy plan are completed. Creditors may not object to a discharge under chapter 12 or chapter 13; however they may object to a repayment plan, but not if the debtor has completed the payments.
A discharge can be revoked in certain situations. A creditor or trustee may ask the court to revoke a debtor's discharge in a chapter 7 case if the debtor:
Fraudulently obtained the discharge Committed an act of impropriety Did not disclose an acquisition of property Failed to explain misstatements found in documents The request to revoke the discharge must be filed within one year of the discharge or before the date the case is closed. Bankruptcy is a smart option for those with excessive debt who are concerned about their credit for the future. To learn more about the different types of bankruptcy, discharging your debt, and for information about filing for bankruptcy, visit the website of Milwaukee bankruptcy attorneys of DeLadurantey Law Office, LLC.
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