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.
South Carolina 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
One of the primary purposes of bankruptcy is to discharge certain debts to give an honest individual debtor a "fresh start." The debtor has no liability for discharged debts. In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations. 11 U.S.C. § 727(a)(1).
A Chapter 7 bankruptcy can take four to six months to do, from the time you file to when you receive a final discharge ? meaning you no longer have to repay your debt. Various factors shape how long it takes to complete your bankruptcy case. You will have to take care of some tasks before you file.
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.
The Court enters an order discharging individual Debtors after all requirements are met, but no sooner than the last day to object to the Debtor's Discharge. This is usually 60 days after the 1st setting of the 341 Meeting of Creditors unless a motion is filed with the court to extend that time.
Subsection (b) specifies that the discharge granted under this section discharges the debtor from all debts that arose before the date of the order for relief. It is irrelevant whether or not a proof of claim was filed with respect to the debt, and whether or not the claim based on the debt was allowed.
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.
A Chapter 7 bankruptcy discharge releases individuals from personal liability for most of their outstanding debts. It also shields them from creditor collection actions. This can be a complicated process. So, it's important to seek professional legal guidance before commencing the bankruptcy proceedings.
Chapter 7 Doesn't Wipe Out Mortgage Liens Even though a Chapter 7 bankruptcy discharge wipes out your obligation to pay back the loan, it doesn't eliminate the mortgage lien. If it did, everyone could file bankruptcy and own their homes free and clear.