If your bankruptcy has been discharged, it means that you are now off the hook for the discharged debts. You are no longer obligated to pay them. Depending on your circumstances and what chapter you filed, you may have some, all, or none of your debts discharged. Any debts that are not discharged are still obligatory. How long it takes to get a discharge in bankruptcy depends on under what chapter you filed. A chapter 7 case typically moves quickly, and you may receive a discharge after 4-5 months. A chapter 13 bankruptcy will only be discharged after you complete your repayment plan, usually 3-5 years. You may be able to discharge a judgement by filing bankruptcy. If the lawsuit was filed by a creditor over unpaid dischargeable debts and they have not yet placed a lien on your property, filing bankruptcy may remove it. If they have placed a lien, then they cannot pursue collection, but will be paid from the proceeds of selling the asset. If the debt is nondischargeable, filing bankruptcy will not affect it.How Long Does It Take for Bankruptcy to Be Discharged?
Can a Judgement Be Discharged in Bankruptcy?
What Does Bankruptcy Discharged Mean? FAQs
Bankruptcy discharged is the end of a debtor’s responsibility for most types of debts that were included in the bankruptcy filing. This status is recognized by the court and grants protection from creditors seeking repayment.
It typically takes three to six months after filing for a Chapter 7 or Chapter 13 bankruptcy before a debtor can receive their discharge. The exact length of time depends on several factors, including the amount of debt and whether all necessary documents were filed properly.
No, not all debts may be eligible for discharge during bankruptcy proceedings. Some debts, such as child support, student loan payments, and taxes may remain even after a debtor is discharged from other debts.
If you do not receive your bankruptcy discharge, it means that the court did not approve the filing and there is still an outstanding debt or issue that needs to be addressed before you can be officially released from your financial obligations.
Yes, once a debtor has been discharged through their bankruptcy case they are no longer responsible for repaying their debts and creditors will no longer be able to contact them seeking payment. It is important to note however that if new debt is incurred after receiving a discharge, it may not be eligible for bankruptcy protection.
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.
To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.