If you have no non–exempt assets the case will be closed near the time a discharge is entered.From a practical standpoint, the time it takes to close a case is rarely significant to a debtor.Creditors, and a trustee, have a time limit to object to a discharge.If that time limit passes without an objection, the discharge will be automatically entered by the court, usually 120 days after the case was filed.You can keep property that is subject to a lien by paying the value of the property, or by curing defaults to the creditor and continuing to perform the contract.A discharge under chapter 7 is a court order that releases a debtor from all dischargeable debts.The discharge order also prevents creditors from collecting or attempting to collect debts.
It could take several months, or even years, for a trustee to complete liquidation of a debtor’s property.Chapter 7 bankruptcy cases involve the sale of assets to provide a payment to creditors.A chapter 7 debtor must turns non–exempt property over to a trustee.Certain property is exempt from the trustee and your creditors.If property is exempt and if it is not collateral for a debt, a debtor may keep it after the chapter 7 case. This means the creditor is entitled to be paid, or is entitled to receive the property that is subject to the lien.
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The entire focus of the two kinds of relief is different.