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A bankruptcy discharge is a court order that releases an individual or business from specific debts and obligations they owe to creditors. In other words, it's a legal process that eliminates the debtor's liability to pay certain types of debts they owe before filing the bankruptcy case. [1]
Spousal support is likewise not covered by a bankruptcy filing, nor are property settlements through divorce. Despite their potential non-dischargeability, all debts must be listed on bankruptcy schedules. A Chapter 7 bankruptcy stays on an individual's credit report for ten years from the date of filing the Chapter 7 petition.
Chapter 7 bankruptcy. Leslie Tayne, attorney and founder of Tayne Law Group in Melville, New York, says you’re eligible for a mortgage a few years after a Chapter 7 discharge of debt.
A Real estate investment trust (REIT) can be an organization or an establishment able to supply other investors to finance their real estate business in a tax-efficient manner. In order to become a REIT, the organization needs to be registered as a corporation, trust, or association; it needs to be run by one or numerous trustees or directors. [2]
Student borrowers with certain types of private loans inched closer to being able to discharge that debt in bankruptcy after a New York court ruling.
Since Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, both federal and private student loans are more difficult to discharge in bankruptcy than other types of ...
For example, in a Chapter 7 case only an individual debtor (not a corporation, partnership, etc.) can receive a discharge. [39] The effect of a bankruptcy discharge is to eliminate only the debtor's personal liability, [40] not the in rem liability for a secured debt to the extent of the value of collateral. The term "in rem" essentially means ...
By Jill Krasny Robert Kiyosaki, author of the bestselling "Rich Dad, Poor Dad" series, has filed for Chapter 7 bankruptcy protection after losing a nearly $24 million court judgment to The ...