What happens at the end of a bankruptcy?

At the end of your bankruptcy case, you get a bankruptcy discharge. The bankruptcy dischargeis a court order that the people you owed money to cannot do anything to collect those debts from you. (If the debts are attached to your house or car, they can still go after the property; but they cannot go after you.)

Which is worse a bankruptcy or a charge off?

They will also show up on your credit report as a “collection account.” A collection, like a charge off or bankruptcy, is a major derogatory that is very bad for your credit. It’s worse than a bankruptcy, because it keeps piling on.

What happens if you get a Bankruptcy Restriction Order?

Just do your best – you are not going to get a Bankruptcy Restriction Order (BRO – see below for more about these) because your paperwork is missing bits provided the OR doesn’t think you are concealing anything. You should immediately stop making any payments to your unsecured creditors.

What happens if you inherit money in a DMP, DRO or bankruptcy?

Inheriting money when in a DMP, DRO, IVA or bankruptcy What happens if you inherit money when you are in debt managementor one of the three forms of insolvency: Debt Relief Order (DRO),bankruptcyorIVA?

When is your bankruptcy case closed or discharged?

Your bankruptcy case is not over when you get a discharge, but when the court closes it with a final decree or order. Please answer a few questions to help us match you with attorneys in your area.

When does a chapter 13 bankruptcy case close?

If you filed for Chapter 13 bankruptcy, you typically have to complete your Chapter 13 repayment plan before the court will grant you a discharge. (To learn more, see The Bankruptcy Discharge.) Even if you receive a discharge, your bankruptcy remains open until the court enters a final decree or order closing your case.

When do you get discharged from a Chapter 7 bankruptcy?

In Chapter 7 bankruptcy, you normally receive a discharge a few months after filing your case. If you filed for Chapter 13 bankruptcy, you typically have to complete your Chapter 13 repayment plan before the court will grant you a discharge. (To learn more, see The Bankruptcy Discharge.)

Can a bankruptcy court reopen a bankruptcy case?

If the trustee or your creditors discover that you provided false information on your bankruptcy papers or didn’t disclose all of your property, they can ask the court to reopen your case in order to administer those assets or even revoke your discharge. In some cases, you may also want to reopen your bankruptcy.