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Discharging Your Debt

Discharging Your Debt

The final goal of filing for bankruptcy is to be able to discharge your debt. When this occurs, you will be fully released from any personal liability for the amounts you owe, and your creditors will be legally prohibited from contacting you in any way. You will have the freedom to move into the future, rather than being continually forced to worry about how you will pay your monthly bills and meet your loan payments. You will be given the opportunity to make a fresh start. When you work with the Law Offices of Marshall D. Schultz, we will stand by you throughout the bankruptcy process and do everything we can to help you. We have guided more than 10,000 consumer bankruptcy cases to completion, and with over 33 years of combined experience we know how to get results.

The discharge in Chapter 7 bankruptcy typically occurs around 6 months after the initial filing of the petition. Certain factors can slow this down, such as delays in gathering documentation and submitting paperwork to the court, but a qualified attorney from our firm has extensive familiarity with what is required and will take steps to expedite the process. The debts that will be discharged are those that are not secured by collateral, such as credit cards and medical bills. Car loans, home mortgages and student loans will typically survive a Chapter 7 discharge.

Discharging Your Debt for Bankruptcy

The Chapter 13 discharge works differently. Your attorney will carefully examine your financial resources to determine how much you can afford per month on your repayment plan while still having enough left over to cover your personal expenses. We will argue in favor of the lowest possible payment, so that your finances are not unduly strained by the repayment. The judge will approve a figure and order you to make payments for 3 or 5 years, and your creditors will be required to accept the amount they have received as payment in full, releasing you from liability from any remainder.

Get in touch with our office today to learn more about the legal process associated with dismissing your debts. The process can be somewhat complicated and confusing without the appropriate legal assistance. With our extensive experience, you can rely on our Detroit bankruptcy firm to handle your case. Offices located in Detroit and Southfield, for your convenience. Call today for a free consultation!

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