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Topics: Bankruptcy. Slovak Spectator Bratislava, Slovakia. However, creditors and lenders can enforce any liens attached to secured debts that they hold against you. They can still repossess and sell any property attached to a loan or lien, even after the associated debt has been discharged.
Chapter 13 allows some debts to be discharged that can't be discharged in Chapter 7. It includes marital debts created in a divorce agreement exclusive of spousal support or alimony , court fees, certain tax-related debts, condo and homeowners' association fees, debts for retirement loans, and debts that could not be discharged in a previous bankruptcy.
Debts that can be discharged and the amount of the discharge all depend on whether you file Chapter 7 or Chapter 13 bankruptcy. In Chapter 7 bankruptcy, the trustee divides your nonexempt assets among your creditors, and any remaining debt will be discharged.
In Chapter 13 bankruptcy, you enter a repayment plan that repays all or most of your debt. At the end of your repayment plan, the remaining debt will be discharged. Debts that are likely to be discharged in bankruptcy include credit card debts, medical bills, lawsuit judgments, personal loans, obligations under a lease or other contract, and other unsecured debts.
However, that cannot be discharged in either type of bankruptcy. Section a of the Bankruptcy Code describes the types of debt that may not be discharged. It is extremely difficult—if not impossible—to discharge student loans in bankruptcy. However, some debts cannot be discharged under Chapter 13 bankruptcy, including the following:. According to the United States Courts, discharge for Chapter 7, bankruptcy usually occurs about four months after the date you file your bankruptcy petition.
Once your debts have been discharged, a copy of the order will be mailed to all your creditors as well as the U.