Not necessarily. There are certain kinds of debts that are nondischargeable, including most taxes, fines, and penalties owed to governmental units, student loans, domestic support obligations, any debt that was incurred through fraud, debts that are reaffirmed in Chapter 7, debts that are maintained and cured in Chapter 13, and debts that are not listed in your bankruptcy paperwork. Bankruptcy will typically discharge debts such as credit cards, medical bills, personal loans, secured debts (typically mortgages or auto loans) for which the property is given back to or taken back by the creditor.
Student loans are generally considered to be nondischargeable in bankruptcy, which means that they are not eliminated and are still owed, plus any interest or fees that may have accrued during the bankruptcy, after the bankruptcy is over. There are limited circumstances in which courts have reduced or discharged a debtor’s student loans, but these typically require exceptional circumstances and involve significant and expensive litigation in addition to the bankruptcy filing itself.
It depends. Our firm focuses on Chapter 7 and Chapter 13 bankruptcies. These chapters are commonly filed by individuals with primarily consumer debts. There are eligibility requirements for each kind of bankruptcy and there are many reasons why one chapter may be more appropriate for your situation than the other. Therefore, it is important to discuss your options with an attorney prior to filing. An attorney should be able to review your information, discuss your options, answer your questions, and quote you a price so that you can make an informed decision about what will be in your best interest.
Disclaimer: We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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