What Debts Am I Able To Discharge If I File for Bankruptcy?
Dec. 16, 2022
The primary reason to file a bankruptcy is to eliminate your liability with your debts. But what debts can be discharged in a bankruptcy? In a Chapter 7 bankruptcy, most types of unsecured debt are dischargeable, which means that the debtor is no longer legally required to pay them. The most common examples are credit card balances, medical bills, pay day loans, personal loans and some tax liabilities. However, there are some types of debt that are not dischargeable in Chapter 7 bankruptcy, including:
Most student loans (with some exceptions)
Most taxes, unless they meet certain conditions
Child support and alimony payments
Debts incurred through fraud or misrepresentation
Debts from certain types of luxury goods or services incurred within 90 days of filing for bankruptcy
It is an important step to hire a lawyer when filing for bankruptcy so that you get a full understanding of what debt you are able to eliminate. Contact Attorney Andrew K. Smith directly at 314-866-3955 to discuss your options!