The form provides that the debtor is granted discharge under 11 U.S.C. section 1228(a). The form also requires a signature by the bankruptcy judge.
North Carolina Order Discharging Debtor After Completion of Chapter 12 Plan - updated 2005 Act form
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How to fill out Order Discharging Debtor After Completion Of Chapter 12 Plan - Updated 2005 Act Form?
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You no longer have further obligation to repay the loan, you will receive a reimbursement of payments made voluntarily or through forced collection, and. the discharge will be reported to credit bureaus to delete any adverse credit history associated with the loan.
The Process of a Debt Discharge The bankruptcy court will look at your plan and decide whether it is fair and in ance with the law. You will also need to work with a trustee who will distribute these payments to the creditors. The trustee will pay creditors ing to priority.
Debt discharge is the cancellation of a debt due to bankruptcy. When a debt is discharged, the debtor is no longer liable for the debt and the lender is no longer allowed to make attempts to collect the debt.
Not only will a bankruptcy filing remain on your credit report for seven to ten years, but you can expect information about the debts discharged (forgiven) in bankruptcy to continue to appear on your credit report, too.
If your case is dismissed, you are entitled to a refund of any money that is still in the trustee's possession. However, the trustee has to get approval from the court to send the money back to you, and they are allowed to take their administrative fees out of that money before refunding it.
A bankruptcy discharge releases the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer legally required to pay any debts that are discharged.
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.
You cannot remove a discharged debt from your credit report unless the information listed is incorrect. Even though you repaid the debt, partially or in full, or the lender stopped its collection attempts, the entry will remain on your report for seven years.