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What Type of Debt Can Be Discharged Through Bankruptcy?

What Type of Debt Can Be Discharged Through Bankruptcy?

Posted By Bronson Law Offices || 12-Mar-2014

There are many factors an individual must take into consideration before making the decision to file for bankruptcy. Bankruptcy is not right for everyone. If you are considering filing for bankruptcy, take the time to review your financial situation with a Queens bankruptcy lawyer from Bronson Law Offices, P.C. before you move forward. Our firm has over 25 years of experience helping people put an end to creditor harassment, alleviating their financial worries and helping them to attain true debt relief.

We understand how frustrating it can be to be unable to keep up with your financial obligations and how frightening it is to be threatened with wage garnishments, tax liens or even the potential loss of your home through foreclosure. We take pride in providing each of our clients with an honest assessment of their individual financial situation. We are always straightforward and honest with our clients, and we are committed to finding the best solution to achieve a positive outcome. You do not want to file for bankruptcy only to find out afterwards that you are still obligated to pay certain debts.

You need to go into your bankruptcy with all the cards laid out on the table, with a full knowledge of what debt will be discharged through bankruptcy. Only then will you be able to make the right decisions, and we can help. In Chapter 7 bankruptcy, an individual will generally be able to discharge all of his or her unsecured debt. Student loans, child support payments, court-ordered alimony, fines assessed as a result of criminal charges and certain tax debts are not eligible for discharge through bankruptcy.

Chapter 13 bankruptcy gives debtors an opportunity to restructure their debt so that it can be paid over a 3-5 year period of time. Any debt that is not paid in full at the end of the restructured payment plan period will often be eligible for discharge. Most people will be able to discharge the majority, if not all, of their outstanding debt by filing for bankruptcy. To find out which of your debts may be eligible for discharge through bankruptcy, contact our firm now.

Categories: Bankruptcy

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