The form is a discharge of joint debtors. The debtors are granted a discharge pursuant to 11 U.S.C. section 727. The signature of the bankruptcy judge is required for this action.
California Discharge of Joint Debtors - Chapter 7 - updated 2005 Act form
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How to fill out Discharge Of Joint Debtors - Chapter 7 - Updated 2005 Act Form?
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In most cases, a Chapter 7 bankruptcy can stay on your credit reports for up to 10 years from the date you file bankruptcy. Once the 10-year period ends, the bankruptcy should fall off your credit reports automatically.
Generally speaking, Sabatini says, "Chapter 7 is less expensive than Chapter 13 and much faster. A Chapter 7 is usually over within about four months. A Chapter 13 takes at least three years. But for some consumers, Chapter 13 offers some relief that is not available in Chapter 7."
Courts can issue a discharge ruling when the debtor meets the discharge requirements under Chapter 7 or Chapter 11 of federal bankruptcy law, or the ruling is based on a debt canceling. A canceling of debt happens when the lender agrees that the rest of the debt is forgiven.
That being said, here's what you're not allowed to do with a Chapter 7: Lie under oath about your financial or property assets. Keep property that must be used to discharge your debts. Miss payments to certain creditors in order to keep your home.
The biggest difference between Chapter 7 and Chapter 13 is that Chapter 7 focuses on discharging (getting rid of) unsecured debt such as credit cards, personal loans and medical bills while Chapter 13 allows you to catch up on secured debts like your home or your car while also discharging unsecured debt.
Not All Debts Are Discharged Certain debts will remain on your account when you file for Chapter 7 bankruptcy. You will still be responsible for alimony and child support. Tax liens, student loans, and personal injury debts caused by intoxicated drivers are still on the docket, as well.
Of the two options, Chapter 7 is more popular because filers don't have to pay back part of their debts. Chapter 13 may be a better solution if you're in arrears on your mortgage because you can keep your house in Chapter 13 and have time to get caught up on payments.
CHAPTER 7 BANKRUPTCY TIMELINE Day 1: File Bankruptcy Petition with Court & Pay Filing Fees. Day 13 to 33: (7 Days BEFORE Meeting of Creditors) Deadline to Provide Tax Returns to Trustee. Day 20 to 40: Meeting of Creditors - also called 341(a) Meeting. Day 80 to 100: (60 Days AFTER First Date Set. ... DISCHARGE GRANTED.