Monthly Archives: November 2017

Will Bankruptcy Wipe Out ALL My Debts?

One of the main benefits of Chapter 7 bankruptcy is the ability to eliminate debts and get a fresh start. But exactly which debts are wiped in Chapter 7? Will you really have a clean state to rebuild your finances on? A discharge releases the debtor from liability for debts and stops creditors from pursuing collection against the debtor. The good news: many debts are dischargeable in bankruptcy, and Chapter 7 does not take very long to complete (usually a few months). The bad: not all debts can be discharged, and you may have to make other sacrifices. What Debts Can Be Discharged in Chapter 7? Under the Bankruptcy Code, there are 19 categories of debt that cannot be discharged. These include: Unscheduled debts (debts you fail to list on your bankruptcy petition or mailing list) Some taxes Spousal or child support, as well as other debts owed for former…
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