BANKRUPTCY DISCHARGE RULES
- 9 month automatic discharge for 1st. time bankrupts who fulfill all their duties and who do not have surplus income according to the standards.
- 21 months for 1st. time bankrupts who fulfill all their duties and who have surplus income according to the standards.
- 24 months for 2nd time bankrupts who do not have surplus income according to the standards.
- 36 months for 2nd time bankrupts who have surplus income according to the standards.
- Bankrupts with personal income tax debt of $200,000.00 or more representing 75 percent or more of total unsecured claims, are not eligible for an automatic discharge. They must go to court for an adjudication.
Note: The trustee at the 8th month (for first time bankrupts) and at the 23rd month (for second time bankrupts) will take the average income over the 8 or 23 months and that will determine if the bankruptcy will be extended or will be limited to 9 or 24 months.
"Solution to my financial problem"
A friend of mine recommended me to Morataya & Associates to help me find a solution to my financial problem, and I am now so grateful with her since she guided me into good hands. Morataya & Associates helped me so much. I placed all my debts into only one. I recommend you to visit Morataya & Associates today so you can stop worrying over your debts; you will be in good hands.
