Bankruptcy Building Blocks: What is a Discharge
-
Upload
lodestone-legal-group -
Category
Documents
-
view
216 -
download
2
description
Transcript of Bankruptcy Building Blocks: What is a Discharge
IN THE FULL GUIDE YOU WOULD GET:
A basic understanding of the 2 main types of consumer bankruptcy, valuable insights into evaluating bankruptcy as a debt reduction tool,
and practical guidance for finding a quality bankruptcy attorney.
Topics covered:
- An overview of the bankruptcy process. - Key bankruptcy terms like: “discharge,” “automatic stay,” and “exemptions.” - Chapter 7 bankruptcy: what it is, how it works, and when it is preferred. - Chapter 13 bankruptcy: what it is, how it works, and when it is preferred. - How bankruptcy can save a home from foreclosure or a car from repossession. - 5 good reasons to file bankruptcy. - 5 good reasons not to file bankruptcy. - 3 alternatives to filing for bankruptcy. - 5 questions to ask when interviewing a prospective bankruptcy attorney.
CONSUMER’S GUIDE TO
BANKRUPTCY
Want a free copy of this guide? Just send an email to [email protected] and look for it in your inbox!
This is an excerpt from the
WHAT IS A BANKRUPTCY DISCHARGE?
One of the main reasons why people file bankruptcy is to obtain a discharge of their debts. When you complete your bankruptcy case, you no longer owe the debts that were discharged, and the creditors can never come after you to collect on those debts ever again. Not all of your debts will necessarily be discharged. Certain types of debts will not be discharged as a matter of law, and other debts may not be discharged because of something you have done or not done.
The bankruptcy discharge releases a debtor from their obligation to repay certain debts, and it also protects debtors when creditors attempt to collect on these debts.
COMMON DISCHARGEABLE DEBTS 1. Credit cards; 2. Medical bills; 3. Personal loans; 4. Check advances; 5. Fees owed to
professionals (like attorneys and CPAs);
6. Deficiencies for foreclosed homes and repossessed vehicles.
COMMON NON-DISCHARGEABLE DEBTS 1. Domestic Support
Obligations (child support & alimony);
2. Student Loans (unless certain circumstances exist);
3. Debts for money obtained by lying or through deceit (like fraud, larceny, false representations, or embezzlement);
4. Debts arising out of willful or malicious injury;
5. Debts not listed on the schedules.
Got a question about your situation or something you read in this guide? Feel free to email me at [email protected], call me at 615-807-1064,
or visit the website at www.llgtn.com.
3
ABOUT THE AUTHOR
Gordon H. Boutwell, Atty Lodestone Legal Group 198 E. Main St., Ste. 4 Franklin, TN 37064 615-‐807-‐1064 [email protected] www.llgtn.com
GORDON BOUTWELL is a bankruptcy and consumer protection attorney in Franklin, Tennessee. He has practiced law since 2006, with most of that time dedicated to bankruptcy, personal finance, and consumer advocacy. Over the years he has helped hundreds of individuals, couples, and families with their financial problems. He believes in treating other people the way he would want to be treated in the same situation. He takes the time to get to know his clients, and he educates them on their options for getting out of debt, helping them to understand and evaluate them. He believes bankruptcy is a worthwhile tool to help some (but not all) people get out of debt, and, when combined with financial education and counseling, can be a springboard to financial independence. In March 2011, Gordon and R. Keith Gordon formed the Lodestone Legal Group in Franklin Tennessee, with the purpose of assisting business and private clients by exploring legal options, navigating the legal pitfalls, and providing measurable results through custom solutions and a commitment to the lost art of personal care and client service. Lodestone Legal Group practices in the areas of bankruptcy, debt negotiation and settlement, financial counseling, residential and commercial real estate, estate planning (wills and trusts), and small business and corporate law.