Bankruptcy can provide relief if you’re facing financial hardships or mountainous debt. Let a bankruptcy attorney in Leesburg FL assess your case. Our team can help you decide if bankruptcy is the right solution for your situation by reviewing your finances and discussing your priorities.
A Bankruptcy Discharge Could Change Your Life for the Better
The goal of bankruptcy is typically the discharge of debts. This discharge occurs at the end when the debtor has met all legal requirements.
According to the United States Courts, the bankruptcy discharge releases the filer from personal liability for the discharged debts. Therefore, they are no longer required to pay the principal or interest.
The discharge from bankruptcy is permanent, meaning that creditors cannot pursue any debt. The debtor is no longer responsible for the debt, and the plaintiff cannot collect it in the future.
However, it’s important to note that a bankruptcy discharge does not eliminate all debts. Many different types of debts cannot be discharged through bankruptcy, including student loans, back taxes, and spousal maintenance obligations.