Reply
New Member
Foreman500
Posts: 8
Registered: ‎09-14-2012

Bankrupcy discharged

I keep hearing about being discharged from chapter 7. What does this mean?

Valued Contributor
Rhaeny
Posts: 1,502
Registered: ‎07-24-2011

Re: Bankrupcy discharged

Discharged is when the courts deem that you officially don't owe any creditors listed in you bk anymore monies.  A bankruptcy is not complete until you recieve those papers.


Major CC's - Barclay's ($3.3K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($15K) | Navcheck ($22K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($10K) | Amex Delta ($10K)
Store CC's -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2K) | Sams Club ($1.1K)
Goal: Age with grace to 750 across the board
Last app: 3/3/2014
New Member
Foreman500
Posts: 8
Registered: ‎09-14-2012

Re: Bankrupcy discharged

Does this occur after you go to court or after the ten years are up?

Valued Contributor
Rhaeny
Posts: 1,502
Registered: ‎07-24-2011

Re: Bankrupcy discharged

The ten years you are referencing are reporting guidelines for the CRA's to report the bk.  For ch13 filers the bk stays on 7 years from filing, and for ch7 it stays on for 10.

 

As for the discharge papers, again this depends on the type of bk you file.  A ch7 gets the discharge papers after I think the 341 meeting...lets just say usually around 90 tp 120 days after you file the initial petition.  For ch13 filers, you get the papers after you finish making your payments as agreed in your plan.  So if your plan is for 60 months, then you won't get your discharge until those payments are completed...5 years plus.


Major CC's - Barclay's ($3.3K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($15K) | Navcheck ($22K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($10K) | Amex Delta ($10K)
Store CC's -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2K) | Sams Club ($1.1K)
Goal: Age with grace to 750 across the board
Last app: 3/3/2014
New Member
Foreman500
Posts: 8
Registered: ‎09-14-2012

Re: Bankrupcy discharged

Im refering to ch 7


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+