Bankruptcy and Bills
The underlying policy of bankruptcy law is that the honest debtor who is in debt beyond
his/her ability to repay the debt should be given a fresh start through the discharge of
debts in a bankruptcy proceeding.
Not all debts are dischargeable. Generally speaking, the following debts will not be
discharged:
Taxes.
Spousal and Child Support.
Debts arising out of willful or mailicious misconduct.
liability from driving while intoxicated.
debts from a prior bankruptcy.
Student loans.
Criminal fines and penalties.
Those debts which are secured will be discharged, however, expect the creditor to take the
necessary legal steps to take back the property. In most cases if the debtor's equity
interest in the property is exempt, the debtor may retain the property by redemption or
reaffirmation.
Disclaimer:
This information deals with Chapter 7 consumer bankruptcy. Each state has
its own bankruptcy laws, so you need to check with your state for details. Information
dealing with Chapter 13 bankruptcy and consumer debt restructuring is not discussed in the
above FAQs. The information contained in the following FAQs is provided for general
information purposes only and is not intended to be a legal opinion nor legal advice nor
is it intended to be a complete discussion of all the issues related to the area of
Chapter 7 consumer bankruptcy. Every individual's factual situation is different and you
should seek independent legal advice regarding specific information.
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Bankruptcy
Alternatives to Filing Bankruptcy
How to Avoid Foreclosure
Chapter 7 Bankruptcy
Bankruptcy and My Bills
Bankruptcy and Bill Collectors
Your Property and Assets
Your House and Car
About the Process
Bankruptcy Questions & Answers |
