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Finding Solutions That Focus On Individual Needs

What are examples of non-dischargable debts?

On Behalf of | Aug 17, 2022 | chapter 13 bankruptcy, chapter 7 bankruptcy |

If you experienced a hardship that sent you into collections, bankruptcy may offer the opportunity to return to a solid financial foundation. While a trustee sorts through creditors and decides who gets what, a judge cannot discharge every type of remaining debt.

Certain types of debts remain even after bankruptcy. The trustee can assist with restructuring them, but these non-dischargeable debts will not go away even if you abide by the bankruptcy terms. Learn more about what constitutes a non-dischargeable debt.

What happens to federal student loans?

Going into debt to obtain an education does not always prove a sound decision. If you incurred a large amount of student loan debt, especially those through federal programs, you will remain responsible for repaying it, even after bankruptcy. In rare circumstances, you can petition to have payments lowered or the life of the loan extended.

Are past-due support payments subject to discharge?

Divorce actions often involve children and, therefore, child support payments. When you get behind in paying child support or spousal support, the debt and fees can become overwhelming. While you can go through family court to restructure the debt, you may not discharge it. Even if your children are older than 18, you remain responsible for back child support as ordered.

Do you remain responsible for judgments?

Should you find yourself on the wrong end of a civil lawsuit, a judge may enter a judgment against you that favors the plaintiff. Judgments resulting from civil litigation, such as personal injury actions, do not disappear in the bankruptcy process. You will remain liable for paying the plaintiff per the original order.

While bankruptcy may not eliminate every debt, it can prove a more efficient way to get yourself out of financial hot water than trying to do it alone.

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