What is Bankruptcy?
With the federal bankruptcy statute, a debt discharge is a release of the debtor from personal liability for certain specified types of debts. In simple terms, the person who owes the money is no longer required by law to pay those debts that are discharged by the court.
The discharge operates as a permanent order sent to the known creditors of the debtor instructing them to refrain from taking any form of collection action on the money owed. This includes legal action and telephone calls, letters, or any contacts with the debtor.
A debtor is relieved of personal liability for those debts that are discharged. However, some forms of debt may remain. A bankruptcy attorney can evaluate your financial situation and advice accordingly.
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