What is a discharge in bankruptcy? 30 Answers as of August 25, 2011

you are no longer personally liable to pay those debts.

Your legal obligation to pay the debts is eliminated. The creditors are still owed the money, they just cannot look to you for payment. So co-signers can be obligated.

A discharge in bankruptcy is a simple one page document the court sends you near the end of your case stating that you have received a discharge. It means that all debts that the law allows to be discharged can no longer be collected by anyone. If they try, they get in trouble with the court. The debts are not erased, just made collectible. The debt can still appear on the credit report but it should say discharged in bankruptcy next to it. Most credit card debt becomes collectible against the person who filed. However, if there is a co-signer on the account, they can go after that person. That's why they want co-signers. If a credit card is properly secured, then the claim against the property is still valid in spite of the bankruptcy. But just because a creditor claims the debt is secured doesn't always mean that it is, sometimes even if you signed something that says that it is, and even if a lawyer writes you a letter claiming that it is. Some debts are not dischargeable. For example, a debt based on fraud might not be dischargeable in bankruptcy, but it would usually take a separate proceeding by the creditor to prove it.

It discharges all of your debt that has not been reaffirmed. The credit report will show the credit card debt as discharged in bankruptcy.

A discharge is the elimination of your personal responsibility to repay debt. Unless you have committed fraud, you should be able to eliminate your credit card debt.

A discharge in bankruptcy means that your debt is wiped out. In a simple ch. 7 bankruptcy, your unsecured debt is discharged, which includes credit card debt, medical debt or any debt which does not have collateral attached to it. Secured debt may also be discharged if you end up surrendering the property.

A discharge of debts does not make debts magically disappear. The discharge acts as an injunction against the collection of the debts discharged. Credit card debt can be discharged if you qualify for chapter 7. Please call to schedule a free consultation.

Means you are no longer liable on your dischargeable debts. It's a good thing.

The discharge is the point and goal of bankruptcy. The discharge legally absolves the debtor of liability for scheduled debts.

A discharge means that all dischargeable debts are no longer owed and the creditors can never pursue collection. An example of a type of debt that is dischargeable would be a credit card. However, debts incurred by fraud or misrepresentation are not discharged.