In the Worthington, Minnesota area, going through the bankruptcy process can be a bit confusing. There are papers to complete, assets to assess, and numerous monetary concerns to consider. Which document means what, and how exactly does one get through the process with the most success? Where to begin a filing and where to end it?
Though the process can be troublesome, it’s important to make sure that you understand the language used throughout your personal bankruptcy filing, especially when it comes to the difference between “discharging” or “dismissing” debts.
In today’s post, just in time for St. Patrick’s Day, we’ll examine the distinctions between these two separate processes, one of which is fittingly known as “the pot of gold.”
Discharge: This process is truly the pot of gold at the end of a bankruptcy filing. If your case is discharged, that means that all former debts are satisfied and creditors may no longer hold you responsible for past expenses. In this outcome, the filer is truly free of their debts and is clutching onto that pot of gold, successfully walking away from their bankruptcy case.
Dismissal: Dismissal is somewhat more complicated than discharge. There are three specific reasons for this:
- Dismissal means that the entire bankruptcy filing is deemed void.
- Dismissal can sometimes occur before, during, or after a bankruptcy discharge. This can yield different results depending on the personal situation and can be either a positive or negative outcome.
- Dismissal means creditors still have the ability to pursue past debts. This means that filers are not free of their debts.
Of these two options, those filing for bankruptcy typically hope for a discharge rather than a dismissal. Especially around this time of year, everyone is searching for a pot of gold!
In the Worthington, Minnesota area, your personal bankruptcy filing should be clear and easy to understand. For all your concerns regarding bankruptcy, contact the professionals at Behm Law Group Ltd. today.
