Bankruptcy is often an essential solution for many people's financial concerns. Many families and individuals find themselves unable to pay their debts. Medical expenses could be piling up. You could be facing a significant problem with credit cards. Sometimes, you simply make a mistake with a loan you cannot afford. Once you get behind, getting caught up, especially if you are living paycheck-to-paycheck becomes difficult if not impossible. In these situations, it is best to hire an attorney to talk about your situation. In some cases, the debt is not dischargeable.
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What Is Discharge?
In Chapter 7 bankruptcy, the goal is to request that the court consider information and then discharge it. Discharge indicates that the debt no longer requires repayment to the lender. This means you do not have to repay the money you previously owed. This is the ideal way for you to overcome the limitations of having too much debt you cannot repay. For example, if you have a large number of credit cards, this method can allow you to get out from under that debt. Yet, there are limitations.
What Can Be Discharged?
Many types of debts are dischargeable. This indicates that the debt can go through Chapter 7 and no longer be a requirement for you to repay. This includes most credit cards, unsecured personal loans, medical debt, and debts related to assets you no longer wish to maintain. If you have a car loan, for example, and would rather let the vehicle go to the lender than repay the debt, this is possible.
What Cannot Be Discharged?
Federal law limits the ability to discharge some types of debts, though. For example, if you have student loan debt, you will need to repay it. There is no way to discharge this. Most tax debt is also non-dischargeable. If you own back alimony or child support, this cannot be forgiven in Chapter 7 either. While some changes to how much you owe on these types of debts is possible during the process, in most cases, you do need to repay them anyway. Your attorney can provide you with specific information about what types of debts fit this limitation.
In nearly any situation, the goal is to help you to have the best possible financial start after you file bankruptcy. By getting rid of these excessive amounts of debt, it is possible to provide that solid financial start for you. Yet, it is not always possible to do this with all types of debt. When you meet with your attorney, discuss the options based on the types of debt you have and the assets you would like to keep. There are often many options available to make it easier to get caught up.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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