A bankruptcy discharge is the ultimate goal that you want to reach with your bankruptcy action. What this means is that you have met all of the criteria that has been placed upon you by the bankruptcy courts as a debtor.
If you have been involved in a Chapter 13 bankruptcy this means that you have made all of your payments as scheduled according to the payment plan for the period of time that the bankruptcy was in place.
In a Chapter 7 bankruptcy the discharge means that all of your creditors and any debts that you had that were unsecured have been totally wiped out provided these were part of your bankruptcy action.
This brings your bankruptcy to a close and it means that your creditors can no longer take any measures to try and collect what is owed to them. You are now ready for a fresh financial start without all of the financial pressures that led you to filing for bankruptcy in the first place.
A Chapter 13 bankruptcy takes a much longer period of time to become discharged compared to the Chapter 7. They each have their own set of criteria that must be followed, and it is highly important that you utilize the services of an experienced Houston bankruptcy lawyer to assist you through the entire process so you can reach the goal of a bankruptcy discharge.
Every individual’s bankruptcy procedure is different as it is based on their particular financial circumstances. This is why it is important to have professional help and not rely on others to guide you through the process. There are many forms that need to be filled out and these must be done correctly with full disclosure of your financial situation.