Information pertaining to bankruptcy remains on an individual's credit file for years following discharge of a first-time bankrupt. When is a bankrupt discharged? When is a discharge challenged? There are four types of discharge: Absolute discharge —The bankrupt is released from the legal obligation to repay debts that existed on the day the bankruptcy was filed, with the exception of certain types of debt. Conditional discharge —The bankrupt must meet certain conditions to obtain an absolute discharge.
Generally, the bankrupt will be required to pay a certain amount of money over a specific period. Home Legal Information Bankruptcy.
Your bankruptcy case ends when the court closes it, not when you get a discharge. In this article, you'll learn: when a Chapter 7 or Chapter 13 case closes why the court will reopen a Chapter 7 case , and when the court will revoke a Chapter 7 or 13 discharge. Closing a Chapter 7 Bankruptcy After Discharge A Chapter 7 case will remain open after the discharge if the Chapter 7 trustee appointed to the matter needs additional time to sell assets or if the case involves litigation.
Here's what can happen. Re-Opening a Closed Chapter 7 Bankruptcy Case Once the court closes your matter, you can re-open it under certain circumstances, including: To add a debt that you forgot to list. The court won't discharge debts that you don't list in the bankruptcy case. If you forgot to list a debt, you might ask the court to re-open the matter to correct that oversight and to notify the creditor of the bankruptcy case.
To liquidate an asset you didn't list. Sometimes, the trustee or a creditor will discover property not included in your bankruptcy paperwork. The court will typically reopen the case if liquidating the asset will benefit the creditors. Revoking a Chapter 7 Bankruptcy Discharge In Chapter 7 bankruptcy, the trustee or a creditor can file a complaint alleging that the court should revoke a discharge, and the court will withdraw it if you: obtained the discharge through fraud that the requesting party didn't discover until after discharge acquired or became entitled to any asset that would be considered the property of the bankruptcy estate but failed to disclose the asset to the court or surrender it to the trustee refused to obey court orders, or failed to explain a material misstatement or produce the required documents in a bankruptcy audit.
Closing a Chapter 13 Bankruptcy Case After Discharge Chapter 13 benefits debtors and creditors because the repayment plan allows the filer to catch up on important debts, such as a late house or car payment. Revoking a Chapter 13 Bankruptcy Discharge Within one year after a Chapter 13 bankruptcy discharge is granted, an interested party can ask the court to revoke a discharge if you: obtained your discharge through fraud, and the fraud wasn't discovered until after the court granted the discharge.
Get Professional Help. Zip Code. How It Works Briefly tell us about your case Provide your contact information Choose attorneys to contact you. Talk to a Bankruptcy Lawyer Need professional help? Start here. Practice Area Please select How it Works Briefly tell us about your case Provide your contact information Choose attorneys to contact you. What is a Discharge by the Certificate of the Official Assignee?
In deciding whether to issue a Certificate of Discharge to the bankrupt, the Official Assignee will take into consideration factors such as:. Any indicative timeline for a discharge is not guaranteed. The eventual duration of your bankruptcy will depend on the factors listed above. What are the processes involved for discharge from bankruptcy? Depending on the outcome of the review, the bankrupt may have to raise additional funds with the assistance of a third party to make a debt settlement proposal to his creditors.
Creditors will have 14 days to file their claims or Proofs of Debt with the Official Assignee. The process generally takes at least six months, and varies according to the complexity of each case. What is adjudication and do I have a role to play in it?
Adjudication is a process where the Official Assignee examines every Proof of Debt filed against the bankruptcy estate and the basis of the claim before admitting or rejecting the Proof of Debt, in whole or in part.
After receiving the Proofs of Debt, you will be asked to examine these claims at our e-services website. You will be asked to admit to or dispute the claims. In the event that you dispute the claim filed, you will be required to provide supporting documents to substantiate your dispute.
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