Bankruptcy 101

Topics:
Bankruptcies,
Commercial Lending
Tags:
Bankruptcy,
Business Operations,
Creditor,
Debtor,
Litigation,
Pointshop
Source:
Pointshop

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Overview: A discharge of an individual's debt is a release of an individual's liability from certain specified types of debt. The discharge is a permanent order to the individual's creditors that they refrain from taking legal, collection, written or verbal communication with a debtor regarding the collection of unpaid dollars. This means that once allowed a creditor is to cease all collection activities that they would normally pursue against the debtor. Without any litigation regarding objections to the discharge, the debtor will automatically receive a discharge once the four month period has expired for chapter 7 filing or after the average four year payback through Chapter 13.

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