What is a bankruptcy discharge?

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					                This is an excerpt from the




    CONSUMER’S GUIDE TO
       BANKRUPTCY

                 IN THE FULL GUIDE YOU WOULD GET:

        A basic understanding of the 2 main types of consumer bankruptcy,
        valuable insights into evaluating bankruptcy as a debt reduction tool,
          and practical guidance for finding a quality bankruptcy attorney.

                                 Topics covered:

-   An overview of the bankruptcy process.
-   Key bankruptcy terms like: “discharge,” “automatic stay,” and “exemptions.”
-   Chapter 7 bankruptcy: what it is, how it works, and when it is preferred.
-   Chapter 13 bankruptcy: what it is, how it works, and when it is preferred.
-   How bankruptcy can save a home from foreclosure or a car from repossession.
-   5 good reasons to file bankruptcy.
-   5 good reasons not to file bankruptcy.
-   3 alternatives to filing for bankruptcy.
-   5 questions to ask when interviewing a prospective bankruptcy attorney.




          Want a free copy of this guide?
       Just send an email to bkguide@llgtn.com and look for it in your inbox!
                   WHAT IS A BANKRUPTCY DISCHARGE?



                                     One	
  of	
  the	
  main	
  reasons	
  why	
  people	
  file	
  bankruptcy	
  is	
  
The	
  bankruptcy	
                  to	
  obtain	
  a	
  discharge	
  of	
  their	
  debts.	
  	
  When	
  you	
  
                                     complete	
  your	
  bankruptcy	
  case,	
  you	
  no	
  longer	
  owe	
  the	
  
discharge	
  releases	
  a	
  
                                     debts	
  that	
  were	
  discharged,	
  and	
  the	
  creditors	
  can	
  
debtor	
  from	
  their	
  
                                     never	
  come	
  after	
  you	
  to	
  collect	
  on	
  those	
  debts	
  ever	
  
obligation	
  to	
  repay	
          again.	
  
certain	
  debts,	
  and	
  it	
     	
  
also	
  protects	
  debtors	
        Not	
  all	
  of	
  your	
  debts	
  will	
  necessarily	
  be	
  discharged.	
  	
  
when	
  creditors	
                  Certain	
  types	
  of	
  debts	
  will	
  not	
  be	
  discharged	
  as	
  a	
  
attempt	
  to	
  collect	
  on	
     matter	
  of	
  law,	
  and	
  other	
  debts	
  may	
  not	
  be	
  discharged	
  
these	
  debts.	
  	
  	
            because	
  of	
  something	
  you	
  have	
  done	
  or	
  not	
  done.	
  	
  
	
                                   	
  	
  	
  
                                     	
  
                                     COMMON                                      COMMON
                                     DISCHARGEABLE                               NON-DISCHARGEABLE
                                     DEBTS                                       DEBTS

                                     1.   Credit	
  cards;	
                     1. Domestic	
  Support	
  
                                     2.   Medical	
  bills;	
                         Obligations	
  (child	
  
                                     3.   Personal	
  loans;	
                        support	
  &	
  alimony);	
  
                                     4.   Check	
  advances;	
                   2. Student	
  Loans	
  
                                     5.   Fees	
  owed	
  to	
                        (unless	
  certain	
  
                                          professionals	
  (like	
                    circumstances	
  exist);	
  
                                          attorneys	
  and	
  CPAs);	
           3. Debts	
  for	
  money	
  
                                     6. Deficiencies	
  for	
                         obtained	
  by	
  lying	
  or	
  
                                          foreclosed	
  homes	
                       through	
  deceit	
  (like	
  
                                          and	
  repossessed	
                        fraud,	
  larceny,	
  false	
  
                                          vehicles.	
                                 representations,	
  or	
  
                                     	
                                               embezzlement);	
  
                                     	
                                          4. Debts	
  arising	
  out	
  of	
  
                                                                                      willful	
  or	
  malicious	
  
                                                                                      injury;	
  
                                                                                 5. Debts	
  not	
  listed	
  on	
  
                                                                                      the	
  schedules.	
  
                                                                                 	
  
                                               ABOUT THE AUTHOR



	
                                                     GORDON BOUTWELL is	
   a	
   bankruptcy	
   and	
   consumer	
  
	
                                               protection	
   attorney	
   in	
   Franklin,	
   Tennessee.	
   	
   He	
   has	
  
                                                 practiced	
   law	
   since	
   2006,	
   with	
   most	
   of	
   that	
   time	
  
                                                 dedicated	
   to	
   bankruptcy,	
   personal	
   finance,	
   and	
  
                                                 consumer	
  advocacy.	
  	
  	
  
                                                 	
  
                                                 Over	
  the	
  years	
  he	
  has	
  helped	
  hundreds	
  of	
  individuals,	
  
                                                 couples,	
  and	
  families	
  with	
  their	
  financial	
  problems.	
  	
  He	
  
                                                 believes	
   in	
   treating	
   other	
   people	
   the	
   way	
   he	
   would	
  
                                                 want	
   to	
   be	
   treated	
   in	
   the	
   same	
   situation.	
   	
   He	
   takes	
  the	
  
                                                 time	
  to	
  get	
  to	
  know	
  his	
  clients,	
  and	
  he	
  educates	
  them	
  
                                                 on	
  their	
  options	
  for	
  getting	
  out	
  of	
  debt,	
  helping	
  them	
  to	
  
                                                 understand	
  and	
  evaluate	
  them.	
  	
  	
  	
  	
  
                                                 	
  
                                                 He	
   believes	
   bankruptcy	
   is	
   a	
   worthwhile	
   tool	
   to	
   help	
  
                                                 some	
   (but	
   not	
   all)	
   people	
   get	
   out	
   of	
   debt,	
   and,	
   when	
  
                                                 combined	
  with	
  financial	
  education	
  and	
  counseling,	
  can	
  
                                                 be	
  a	
  springboard	
  to	
  financial	
  independence.	
  	
  	
  
                                                 	
  
                                                 In	
   March	
   2011,	
   Gordon	
   and	
   R.	
   Keith	
   Gordon	
   formed	
  
Gordon	
  H.	
  Boutwell,	
  Atty	
              the	
   Lodestone	
   Legal	
   Group	
   in	
   Franklin	
   Tennessee,	
  
Lodestone	
  Legal	
  Group	
                    with	
   the	
   purpose	
   of	
   assisting	
   business	
   and	
   private	
  
198	
  E.	
  Main	
  St.,	
  Ste.	
  4	
         clients	
  by	
  exploring	
  legal	
  options,	
  navigating	
  the	
  legal	
  
Franklin,	
  TN	
  37064	
  
                                                 pitfalls,	
   and	
   providing	
   measurable	
   results	
   through	
  
615-­‐807-­‐1064	
  
                                                 custom	
  solutions	
  and	
  a	
  commitment	
  to	
  the	
  lost	
  art	
  of	
  
bkguide@llgtn.com	
  
www.llgtn.com	
                                  personal	
  care	
  and	
  client	
  service.	
  
	
                                               	
  
	
                                               Lodestone	
   Legal	
   Group	
   practices	
   in	
   the	
   areas	
   of	
  
	
                                               bankruptcy,	
  debt	
  negotiation	
  and	
  settlement,	
  financial	
  
                                                 counseling,	
   residential	
   and	
   commercial	
   real	
   estate,	
  
                                                 estate	
   planning	
   (wills	
   and	
  trusts),	
   and	
  small	
   business	
  
                                                 and	
  corporate	
  law.	
  	
  	
  
                                                 	
  
                                                 	
  
                                                 	
  
   3                                             	
  	
  	
  	
  	
  	
  
                     Got a question about your situation or something you read in this guide?
                             Feel free to email me at bkguide@llgtn.com, call me at 615-807-1064,
                                             or visit the website at www.llgtn.com.

				
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Description: What is a bankruptcy discharge? It is a court order that releases you from your obligation to repay certain debts, and it protects you when creditors attempt to collect on those debts