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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). Although an individual chapter 7 case usually results in a discharge of debts, the right to a discharge is not absolute, and some types of debts are not discharged.
Most consumer debt is dischargeable in bankruptcy. Chapter 7 bankruptcy wipes out medical bills, personal loans, credit card debt, and most other unsecured debt. Debt that is related to some kind of ?bad act? like causing someone injury or lying on a credit application can't be wiped out.
You must list all debts on your Chapter 7 bankruptcy schedules without exception?even if you think they won't get wiped out by your discharge. If you leave off a debt, you run the risk of remaining responsible for it.
When you file for Chapter 7 bankruptcy, you will have to complete a form called the Statement of Intention for Individuals Filing Under Chapter 7. On this form, you tell the court whether you want to keep your secured and leased property?such as your car, boat, or home?or let it go back to the creditor.
No, not indefinitely, but if they are pursuing assets, a Trustee can keep it open as long as necessary. And if the asset in question was not disclosed in the bankruptcy filing, there is no time limit in which the Trustee can seek to reopen the bankruptcy case to administer that asset.