For certain people, filing a bankruptcy case will achieve the relief from debt that they seek because a bankruptcy can result in the grant of a discharge of debts to an individual. A discharge is the forgiveness of personal liability for debts, which have been incurred prior to the filing of the case. |
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With few exceptions, creditors are prohibited from suing a debtor, obtaining a judgment, or collecting for debts, which have been discharged and will have no claim on the future income of assets of the individual who has filed for bankruptcy relief as a debtor.
Bankruptcy, while it may relieve a personal obligation to repay a debt, does not eliminate most mortgage or liens on a property. Thus, in order to retain a car or a house, which has been pledged as collateral on a loan, a debtor will ordinarily have to repay the creditor the full amount of the debt over time or redeem the property by paying the full value of the collateral in cash to the creditor.
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