Who Can Exit Bankruptcy?
A San Francisco bankrutpcy attorney blogs on Who Can Exit Bankruptcy?
What does bankruptcy do?
Most people file in order to obtain a discharge of all debts that they owe to creditors. The discharge is what allows you to move forward and not have to repay any creditor for previous balances and other financial obligations. That is the main goal when people want to exit bankruptcy.
Who can receive a discharge?
All individuals and couples who file for bankruptcy will receive a discharge and exit bankruptcy not owing anything, assuming that there is nothing fraudulent about the filing or the case is not dismissed prior to obtaining a discharge. There are also certain debts that are not automatically discharged, such as student loans and domestic support obligations. In addition, some people file simply to catch up on past due mortgage and have no other debt that they wish to have discharged, so they will exit bankruptcy without receiving a discharge.
How long does the process take?
That depends on what chapter bankruptcy you file. If you file under chapter 7, the process generally takes about 90 days, depending on whether there are any creditor objections or if any creditor disputes the discharge of a debt. Under chapter 13 it takes between 3-5 years to exit bankruptcy with a discharge, depending on the length of the repayment plant.
If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!
