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By the end of a successful Chapter 7 filing, the majority (or all) of your debts will be discharged, meaning you won't have to repay them. Some debts that won't be discharged in bankruptcy include alimony, child support, some types of unpaid taxes and most types of student loans.
Filing a petition under chapter 7 "automatically stays" (stops) most collection actions against the debtor or the debtor's property. 11 U.S.C. § 362. But filing the petition does not stay certain types of actions listed under 11 U.S.C. § 362(b), and the stay may be effective only for a short time in some situations.
: a written application by a debtor for the benefit of the Bankruptcy Act or by creditors to have a debtor adjudicated a bankrupt.
For the debtor listed above, a case has been filed under chapter 7 of the Bankruptcy Code. An order for relief has been entered. This notice has important information about the case for creditors, debtors, and trustees, including information about the meeting of creditors and deadlines.
A bankruptcy letter should be clear and concise and provide all the necessary information. It should include the name and contact information of the debtor, the date of the filing, the court where the bankruptcy was filed, the case number, and the type of bankruptcy filed.
Bankruptcy petition The document filed by the debtor (in a voluntary case) or by creditors (in an involuntary case) by which opens the bankruptcy case. (There are official forms for bankruptcy petitions.)
Effects of Bankruptcy 3.3Upon the making of the bankruptcy order, all the bankrupt's assets (including interest in real estate) are vested in the Trustee and will remain so after the bankrupt's discharge from bankruptcy.
To object to the debtor's discharge, a creditor must file a complaint in the bankruptcy court before the deadline set out in the notice. Filing a complaint starts a lawsuit referred to in bankruptcy as an "adversary proceeding."