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.
Puerto Rico 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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FAQ
Discharge (of debts) refers to the process in bankruptcy court, when a debtor is no longer liable for their debts, and the lender is no longer allowed to make attempts to collect the debt.
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.
What happens when a creditor files an objection? A creditor's objection does not automatically prevent a discharge of debt. The debtor gets a chance to file an answer to the objection, and the court may hold a hearing to decide the issue. This is called an adversary proceeding, and it works much like any other lawsuit.
Chapter 7 bankruptcy allows liquidation of assets to pay creditors. Unsecured priority debt is paid first in a Chapter 7, after which comes secured debt and then nonpriority unsecured debt. Filing Chapter 7 typically involves completing forms and a review of assets by the trustee.
Having your case dismissed means it's thrown out without having your debts discharged. When a court grants a bankruptcy discharge, it means you're no longer responsible for paying certain debts.
The Chapter 7 Discharge. A discharge releases individual debtors from personal liability for most debts and prevents the creditors owed those debts from taking any collection actions against the debtor.
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.