2006-09-20 12:38:21 · 6 answers · asked by DLDC07 1 in Business & Finance ➔ Credit
If your debts are discharged, then yes - you are never obligated to repay what you owe ONLY if you obtain a Chapter 7 bankruptcy which is a liquidation bankruptcy - meaning that ALL of your assets (if any - most people have none) go to pay creditors.
Many debts like child support, taxes and student loans cannot be discharged. Mortgages and car loans also fall in that category. The second poster is mistaken in leaving the impression that all debts are erased following a bankruptcy discharge.
After a Chapter 7 discharge, you can always repay your creditors voluntarily but they are going to write off your debt anyway - so it may be a moot point.
Chapter 13 is for those who earn more than the median income as defined by the Census bureau. Chapter 13 puts you on a payment plan where you make one monthly payment to the trustee who then pays your creditors. Once your creditors are repaid, then your bankruptcy is discharged.
2006-09-20 12:41:07 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Chapter 7 no because you give everything back house, car, boat. Chapter 13 yes you pay all of your creditors a certain amount each month through a court ordered trustee.
2006-09-20 13:35:48 · answer #2 · answered by Medical and Business Information 5 · 0⤊ 0⤋
Yes a set percentage is still payable. Along with an expensive loss to your credit potential.
2006-09-20 12:47:01 · answer #3 · answered by loligo1 6 · 0⤊ 0⤋
depends on the bankruptcy trustee he/she will make the decision if you have to pay your creditors or not
2006-09-20 12:48:39 · answer #4 · answered by Brooke 3 · 0⤊ 0⤋
No your debts are wiped out. don't expect to get credit for a while, in some states longer than others.
2006-09-20 12:42:01 · answer #5 · answered by longroad 5 · 1⤊ 0⤋
Let those you own know what you are considering they may renegotiate your debts!
2006-09-20 12:59:26 · answer #6 · answered by slatibartfast 3 · 0⤊ 0⤋