What is a Bankruptcy Discharge?
Bankruptcy does not last forever. While filing for bankruptcy in Las Vegas and meeting a bankruptcy attorney may swamp you in financial stress for the first year, eventually it will be discharged.
Our bankruptcy firm in Las Vegas wants to explain what bankruptcy discharge is, how it occurs and how long it lasts on your credit report.
Bankruptcy Discharge in Las Vegas
A bankruptcy discharge is when a creditor is forgiven from debt. You are not required to pay back the debt, and discharge is permanent. This means debt collectors can no longer threaten legal action or contact at any time.
When Am I Eligible for a Bankruptcy Discharge?
People are automatically eligible for bankruptcy in multiple ways. Under Chapter 7 and Chapter 13 bankruptcy, a discharge can occur anywhere from three to seven years. Every bankruptcy in Las Vegas is different, so it’s best to consult with your Las Vegas attorney and bankruptcy trustee to know when your discharge can occur.
You maintain your eligibility for your bankruptcy by following the advice of your Las Vegas attorney and avoid committing fraud.
Do Bankruptcy Discharges Go Away?
Bankruptcies can be cleared from credit reports 10 years after they are filed. Credit companies will remove Chapter 13 bankruptcies from your credit report in seven.
Need a Las Vegas Bankruptcy Attorney?
At Luh and Associates Attorneys at Law, our expert bankruptcy lawyers in Las Vegas will help with any debt relief and debt consolidation.