Chapter 7 bankruptcy discharge

Chapter 7 bankruptcy also called liquidation bankruptcy is the number one choice for most of the people because they can get a fast discharge and most if not all unsecured debts erased.

Usually you get the Chapter 7 bankruptcy discharge in 60 days after the 341 meeting.(The 341 meeting is the meeting with the creditors. Check Chapter 7 Bankruptcy timeline to see when you will have this meeting) or in four months after you file the bankruptcy petition.

If no action to deny your discharge the bankruptcy court will issue the order. An objection may be filled by a creditor or the trustee. If the court doesn’t receive any complains it will issue the discharge order in the timeframe present it above.

The Chapter 7 bankruptcy discharge affects dischargeable debts that were present it to the court. Not all debts are dischargeable. Personal loans or credit card loans are some of the items that enter the dischargeable items category while tax debts or child support don’t.

Here is a short list with dischargeable and non dischargeable debts.

Dischargeable debts are: credit card loans, personal loans, auto accident claims, medical bills, repossession deficiencies, judgments, business debts, leases, tax penalties over 3 years old, guaranties and negligence claims.

Non Dischargeable debts are: recent taxes, trust fund taxes, child or family support, student loans, accident claims ,criminals fine or restitution, debts listed in other bankruptcy case were the debtor didn’t received a discharge.

The chapter 7 bankruptcy discharge can be very if you are in difficult situations with you creditors. But, be careful: In chapter 7 you can loose all the properties that are not on exempt list. We suggest consulting a bankruptcy lawyer and then filling for bankruptcy.