Debt Relief FAQs

• Q: What Is A Discharge?
  A: The discharge order is issued by the court and permanently prohibits creditors from taking action to collect dischargeable debts against the debtor personally; this … More
• Q: Can a bankruptcy court cancel a promissory note?
  A: Yes.  If your debts are successfully discharged in bankruptcy, then your outstanding promissory notes that deal with your current loan obligations are … More
• Q: What Debts Are Dischargeable?
  A: 11 U.S.C. Section 523 lists exceptions to discharge. In general, all other debts are dischargeable. Some debts listed in Section 523, such as those based on fraudulent … More
• Q: Can you declare bankruptcy on a Small Business Administration (SBA) loan?
  A: While the common perception is that you cannot discharge government loans in bankruptcy, in reality, many such loans can be discharged in bankruptcy.  The Small … More
• Q: What Is A Priority Debt?
  A: A priority debt is a debt entitled to priority in payment in a bankruptcy case. A general listing of priority debts is given in 11 U.S.C. º 507 of the Bankruptcy … More
• Q: Can a creditor object to bankruptcy discharge?
  A: In a Chapter 7 bankruptcy case, you are not automatically entitled to a complete discharge of your debts.  Rather, your creditors can object to the discharge of … More
• Q: What Is A Secured Debt?
  A: A secured debt is a debt that is backed by property. A creditor whose debt is secured has a right to take property to satisfy a secured debt. For example, most homes … More
• Q: What Is An Unsecured Debt?
  A: A debt is unsecured if you have simply promised to pay someone a sum of money at a particular time, and you have not pledged any real or personal property as … More
• Q: What Is An Administrative Debt?
  A: An administrative debt is a priority debt. An administrative debt is created when someone provides goods or services to your bankruptcy estate. The best example of an … More
• Q: What About My Student Loans – Can I Discharge Them?
  A: In general, student educational loans are not discharged under bankruptcy.  There are exceptions in which a court may discharge the debt especially where paying … More