Obtaining a discharge order is the primary goal when you file a personal bankruptcy. A discharge order releases you from your liability to pay certain debts. This means that your creditors are unable to take any action to collect on your discharged debts.
One factor that is important to understand is that your bankruptcy filing may not eliminate valid liens. In other words, a lien on your home, vehicle or other assets can remain enforceable during your bankruptcy and after your discharge. This means that your secured creditors can enforce the lien and repossess the collateral.
How long does it take to receive your discharge order? The answer varies for each case. The discharge in a Chapter 7 case usually takes approximately four months to obtain. A Chapter 13 case takes three to five years, depending on the length of your repayment plan.
Is a discharge guaranteed? No. While most individuals who file a Chapter 7 are able to obtain a discharge, there are some debts that are non-dischargeable. The law excludes debts such as child support, alimony, taxes and other specific debts from being discharged. Additionally, individuals who commit fraud or other wrongful acts are not eligible for discharge.
If you are struggling financially, it may be time to consider seeking bankruptcy protection and obtaining a discharge of your debt. Let us review your unique financial situation and help you understand if bankruptcy is the best debt relief option for you.
Contact The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office, LLC. DeLadurantey Law Office focuses on student loan debt, Chapter 7 and 13 bankruptcy, debtor’s rights, debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense. A “defender of the little guy, “DeLadurantey Law Office serves the following location – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County. We can be contacted by phone: (414) 377-0518 and can be found on the Internet and on Facebook.