Your chapter 7 bankruptcy will discharge your debts around 60 days after the 341(a) meeting of creditors. Typically, this means that the court will discharge your debts about four months after you ...

In a bankruptcy case, bankruptcy discharge means a judge has declared that you’re no longer responsible for paying debts. It’s a permanent action that affects some, but not all, types of debt.

In a bankruptcy case, bankruptcy discharge means a judge has declared that you’re no longer responsible for paying debts. It’s a permanent action that affects some, but not all, types of debt.

On the other hand, Chapter 13 bankruptcy focuses on reorganizing your debts. This often includes credit card debt, which means some credit card debt may be included in a Chapter 13 repayment plan.

Chapter 7 allows you to discharge your debts by selling non-exempt assets, whereas Chapter 13 discharges debts by creating a repayment plan and paying the debts off over three to five years.

Typically, Chapter 13 bankruptcies are easier to get as you’ll need to pass a means test to qualify for Chapter 7 bankruptcy, which is more about asset liquidation than debt reorganization.

Chapter 7 doesn’t usually provide a discharge for IRS tax debt, student loans or child support arrears. You can lose assets. This may include cash or even your home, in some cases.

“Chapter 7, also known as a ‘straight bankruptcy,’ allows you to discharge certain types of unsecured debt, such as credit card debt and medical bills,” said Daniel Colston, CFP and chief ...

Before You File for Chapter 7. Before filing for a Chapter 7 bankruptcy and having a bankruptcy case on your hands, you’ll need to undergo credit counseling and pass a means test. Mandatory Credit ...

Bankruptcy can offer meaningful relief when your debt situation feels unmanageable, but it won't erase every kind of debt. Chapter 7 comes closest to clearing all debt, but even it has limits.

If you’ve used Chapter 7 bankruptcy to discharge debts in the past and need additional time to catch up on debts that weren’t discharged — or need a more manageable repayment plan, filing ...