What happens when a debtor declares bankruptcy?
When the bankruptcy court issues a discharge, you are relieved of your liability to pay back the listed debts.
That means creditors no longer have a legal claim against the debts, so they cannot pursue any collection activity, take any legal action, or even communicate with you.What is post petition in bankruptcy?
Post-petition debt is a debt you obtain after filing your bankruptcy case.
These debts are not part of your bankruptcy case and will not be discharged.
Any debt you acquire after filing for bankruptcy (even if your case is still pending) is considered post-petition, and you are responsible for paying it.What are the effects of bankruptcy petition?
Effects of Bankruptcy
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3) Upon the making of the bankruptcy order, all the bankrupt's assets (including interest in real estate) are vested in the Trustee and will remain so after the bankrupt's discharge from bankruptcy.- Chapter 22 may refer to: A company filing for Chapter 11 bankruptcy for a second time.
