Bankruptcy?

Question

What is the difference between , a Bankruptcy with ouststanding debts and discharged bankruptcy debts ?

Answer 1

Outstanding debts still need to be paid, discharged debts don't

Answer 2

A bankruptcy results in a discharge of all dischargeable debts under section 727 of the bankruptcy code (assuming you haven't done something which would result in a bar of your discharge, like lying on your schedules or disrupting the bankruptcy process). Some debts are not dischargeable in bankruptcy. Specifically, the non-dischargeable debts are listed in section 523 of the bankruptcy code. Some examples are taxes for which you filed returns less than 3 years ago, taxes which you should have withheld and paid for someone else (employee's withholdings), sales taxes you collected but did not pay, student loans, domestic support obligations, debts arising from injuries you caused to others while driving under the influence and many others. Then, certain creditors could sue you to determine dischargeability of certain types of debts, like debts arising from your fraud.

Answer 3

It means, with a outstanding debt bankruptcy, you are still liable for that debt, only if you have been made bankrupt, this usually means you have no assets left, so if you default on the debts that are outstanding, you could end up in prison. Discharged means that the debt has been written off as a loss to the lender. Either way it's a very bad situation to be in, and the effects of it will be there for years to come as regard to credit records and so forth.

Answer 4

I'm a bankruptcy attorney in California and I'm not entirely I understand your question. When a debt is discharged in bankruptcy, the discharge acts as a permanent injunction against any further efforts to collect the money owed from the debtor. The term "bankruptcy with outstanding debts" has no particular significance unless you provide more context to clarify your question.

Answer 5

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RE Bankruptcy?

What is the difference between , a Bankruptcy with ouststanding debts and discharged bankruptcy debts ?

Answer 6

Many debts are dischargeable (meaning, they can be removed by declaring bankruptcy); some cannot. For example, I'm pretty sure that tax obligations cannot be discharged by declaring bankruptcy. Likewise, child support.

Unsecured credit (meaning, usually, credit cards) can, as can secured credit (home, car) although you might lose your home or car in the process, although there's a minimum amount you're allowed to retain, so you don't necessarily lose everything.

Answer 7

Discharged means that it should all be dealt with-

I didn't know you could still have outstanding debts if you are bankrupt.

Bankruptcy is the process of either settling the debts or writing them off dependant on your circumstances.

You are then discharged when the process is completed.

Sometimes that can be in 6 months.

Answer 8

You have to pay outstanding debts with the assets you already have . Discharged debts mean that you don't have to.

Answer 9

The first means you are currently screwed but things will get better from here on in.

The second means you were screwed, you've lived through it, now its time to start all over again from scratch.

top tips:
Dont apply for credit of any kind for 5 years after you've been fully released.
Loans are bad; overdrafts are bad; credit cards are just evil.
When you are owed money, dont wait in the hopes it will come in eventually. If they dont pay within 30 days go after them with everything; they'd do it to you.

Answer 10

you still have to pay off outstanding debts