QUESTION
who clears a chapter 7 debt no assets submited case discharged
Asked on Apr 05th, 2013 on Bankruptcy - Florida
More details to this question:
who pays a chapter 7 discharge debt with no assets submitted case closed . does the federal reserve pay the debt. or does someone personal or government tax credit pay this debt .
2 ANSWERS
Gregory N. Burns
Mr. Yassim,
The creditors lose the money. No one reimburses them. That's why banks etc. are, or should be, careful about who they loan money to.
Gregory N. Burns
Answered on Apr 08th, 2013 at 6:41 AM
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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3 Awards
Your question doesn't make any sense. If a debt is discharged in bankruptcy the legal obligation to pay it is removed . If you are referring to a specific debt that is personally guaranteed (such as certain student loan debts) those might be paid by the guarantor.
Hope that answers whatever question you were asking.
Mark Markus has been practicing exclusively bankruptcy law in California since 1991. He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization, AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.
Answered on Apr 05th, 2013 at 3:50 PM