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Are all your bills wiped out in a bankruptcy case?
Is it true that all your bills and debts, no matter to whom, are wiped out by bankruptcy?
All Bankruptcy Planning Questions & Advice
Are all your bills wiped out in a bankruptcy case?
Is it true that all your bills and debts, no matter to whom, are wiped out by bankruptcy?Are there any rules regarding selling non-exempt automobiles before filing bankruptcy?
My finances are in a mess. I am considering bankruptcy filing but I do not have enough money to pay the bankruptcy fees. I have an automobile which ...Can I Still File Bankruptcy if I Have a High Income?
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I have been working with the same employer for the last 10 years. I started out as an Assistant and am now a Manager. I expect to be promoted as a V...Can someone with high income still qualify for chapter 7 bankruptcy?
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What is a secured claim in a bankruptcy proceeding?What property is exempt if I file for chapter 7 bankruptcy?
My husband and I have been struggling to keep up on our monthly payments, but know that we've both become unemployed the credit...What's the best way to find a bankruptcy lawyer?
I am considering bankruptcy. I have no idea about the procedures involved. I intend hiring a bankruptcy lawyer to make the process easier for me. Ho...This site does not provide legal advice and users of this site should not interpret any of the information presented here as legal advice. The information provided merely conveys general information related to commonly asked legal questions. We are not a law firm and the employees responding to questions are not acting as your legal attorney. You should ultimately consult with a Lawyer for your case.
Answers (1)
The answer may be surprising to some: no. While unsecured debts like creidt cards, medical bills and personal loans will likely be discharged, there are several classes of debt which are not wiped out by bankruptcy. The more common ones are:
There are also some other categories of debts that will not be discharged as well. The exact treatment of different debts varies by the type of bankruptcy (e.g. Chapter 7 or Chapter 13) a debtor files. Your bankruptcy attorney can advise you as to what debts you may still have to pay even after bankruptcy.
Talk to a Bankruptcy Lawyer if you are thinking about using bankruptcy laws to get rid of unbearable debt. Get the legal advice you need before you make any plans.
References:
Posted by Steven Sweig on 12 Apr 2010
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(9 Votes)