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When you find yourself totally overwhelmed by your debts, bankruptcy offers you a "fresh start". There are numerous reasons that people turn to bankruptcy, things like a serious illness, loss of a job, and so many other things one has no control over. Of course, there are times that irresponsibility, or horrible decisions can be behind the filing of bankruptcy.
The law does it's best to balance the scale between the interest of the creditors involved, and the need for a fresh start. The fact is however that so many people do not understand that all types of debts are not wiped out by bankruptcy. Some debts have to be paid, and in a bankruptcy case, one will not receive a discharge from those debts. You should know and understand what to expect in a bankruptcy case, and just what debts will not be discharged.
A discharge from your debts is granted by the bankruptcy court in both Chapter 7 (liquidation) and Chapter 13 (readjustment of debts), and this is the reason one seeks bankruptcy relief. This means that for the discharged debts you will have no additional responsibility, and no further actions may be taken against you by the creditors who are involved.
In bankruptcy, there are certain debts that cannot be discharged. There are 21 categories of such debts that are listed in the Bankruptcy Code.
The most common types of debts in a Chapter 7 case that cannot be discharged are:
You will not be discharged from the following types of debts, if your bankruptcy case is under Chapter 13:
It is a big decision to file a bankruptcy petition, and the more knowledge you have about how the process works, the more power you will have to make the best choices in the situation you are in.
Cornwell Law FIrm
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