What Specifically Does a Chapter 7 Bankruptcy Discharge Do?
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A chapter 7 bankruptcy discharge releases you from personal liability for discharged debts and stops the creditors from contacting you or threatening you, or taking any action against you in an effort to collect those debts. The US bankruptcy court estimates that almost 99% of all chapter 7 bankruptcy filers receive a discharge if it is their first time, mainly due to their low incomes and high debt ratios. According to the Bankruptcy Code 4004(c), most bankruptcies are discharged within 60 to 90 days after the petition is submitted to the court and the meeting of creditors is held.Source: http://ezinearticles.com/6376431
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