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Bankruptcy discharge. 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]
Two U.S. Army soldiers hold honorable discharge certificates in 2014. A military discharge is given when a member of the armed forces is released from their obligation to serve. Each country's military has different types of discharge. They are generally based on whether the persons completed their training and then fully and satisfactorily ...
Section 8 (military) Section 8 was a category of military discharge employed by the United States Armed Forces which was used for servicemembers judged mentally unfit for service. This type of discharge was also often given to cross-dressers, gay, lesbian, bisexual and transgender personnel in the U.S. military. [ 1]
The frequency of applying for bankruptcy depends on which type of bankruptcy you’re filing, something known as the 2-4-6-8 rule. Filing Chapter 13 after Chapter 13: Two years. Filing Chapter 13 ...
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.
DIP. v. t. e. Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [ 1]
Chapter 7 bankruptcy is used for unsecured loans (such as credit card debt), while Chapter 13 bankruptcy may be best if you have certain assets you want to keep. ... Potential discharge of certain ...
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ( BAPCPA) ( Pub. L. 109–8 (text) (PDF), 119 Stat. 23, enacted April 20, 2005) is a legislative act that made several significant changes to the United States Bankruptcy Code . Referred to colloquially as the "New Bankruptcy Law", the Act of Congress attempts to, among other ...
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