Tip - What Does Bankruptcy Closed Mean? | eHow

The ultimate goal of any bankruptcy case is the discharge of debts. In a Chapter 7 case, the majority of a debtor's debts are discharged after a liquidation of any non-exempt property. In a Chapter 13 and Chapter 11 case, a discharge of the majority of debts is granted after payment of a certain amount of money to creditors over a period of time....