Replies to post #38413 on Sierra Resource Group Inc. (fka SIRG)

[powerbattles]

The goal in bankruptcy is to get a discharge. A discharge is when your debts are wiped out. Dismissal is when your case kicked out.

There are two ways bankruptcies end up–and the words look a lot a like. “Discharged” means the bankruptcy is approved. “Dismissed” means it’s thrown out.

A discharge means that all the requirements set by the court have been met by the debtor. In a Chapter 13 bankruptcy this means that all the debtor’s payments have been made in full and on time. For a Chapter 7 bankruptcy it means that all the creditors and unsecured debts listed in the bankruptcy petition (filed with the Court) have been wiped out.

On the other hand, a dismissal is not the desirable outcome for a debtor.

A dismissal is usually something debtors do not want as the action ends the proceedings of your case but there are different causes for this. In Chapter 13, a case could be dismissed if the debtor fails to make scheduled payments as part of the repayment plan. In either chapter, a case can be dismissed if proper paperwork isn't filed correctly or you've failed to provide information requested by the court.

A dismissal can also result in legal penalties if it occurred due to fraudulent conduct, such as an attempt to hide assets.

Reasons the Trustee or Court Might Dismiss Your Bankrutpcy Case
Here are the most common reasons that bankruptcy cases get dismissed.
http://www.nolo.com/legal-encyclopedia/reasons-the-trustee-court-might-dismiss-your-bankrutpcy-case.html

[BLACKFISHRICH]

Thank you so much for taking the time to explain! Very much appreciated my friend. Might have to take a position. I'll keep an eye on it. My understanding from a post is that next Friday is when the Q might be coming off. Did you hear that too?