If you decide that bankruptcy is your best option, your trustee will file the forms with the Office of the Superintendent of Bankruptcy and the administration of your file begins. As soon as you file you are protected from your unsecured creditors. However, it is when you are discharged from bankruptcy that you are legally released from any obligation to repay most of the debts you had at the time of filing for bankruptcy. Discharge from bankruptcy erases your unsecured debts, though there are some exceptions.
With secured debts, your lender has a security against your property, such as a house or car. Bankruptcy does not erase your secured debts if you have chosen to keep the asset and continue payments, such as car or mortgage payments. It’s essential that you know which of your debts are secured debts.
With unsecured debts, your lender does not have collateral and cannot continue the collection process after you have been declared bankrupt.
Some debts remain even after you are discharged from bankruptcy. These debts include:
Generally, other than the debts listed above, almost all debts are dischargeable in bankruptcy. Including:
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