Filing for bankruptcy is not for everyone, but it’s intended to help those that have found themselves in a financial rut. This allows an individual the opportunity to have a fresh start and a chance to be financially stable.
As a debtor considering bankruptcy, you probably have many questions, for starters: does bankruptcy take away all of my debts? No, not all of your debts will be relieved,because it depends upon the type of debts you have and when they were received.
Am I Eligible To File Bankruptcy?
Anyone can file bankruptcy for a number of reasons, for example: to eliminate extreme credit card bills, vehicle repossessions, and medical bills that have become impossible to handle and pay back to the lender. If bankruptcy is an option you’re considering, you must understand which debts can be relieved and which will continue being your responsibility.
Which Debts That Can Be Relieved?
Unsecured debts, which includes credit cards, cards you have received from department stores (Macy’s Costco, JcPenney) personal loans, payday loans, gas cards and any other unsecured loans are able to be discharged with bankruptcy.
Individuals behind on their utility bills, car payments, unpaid rent payments, that have been evicted or repossessed can also find relief from those debts in a bankruptcy.
And finally, medical bills from emergency room visits or other treatments can also be filed.
Debts That Cannot Be Dismissed
Unfortunately, some debts cannot be relieved, which includes any student loan debt. Unless the debtor can prove that making payments would cause hardship at the time of filing and into the future, this is rarely granted.
Child support, spousal support, credit or money obtained by fraud and government debts, such as taxes and fines, are also generally excluded from a bankruptcy filing.
Debts that were not initially listed in the original bankruptcy petition, or that were not added by amendment in a timely manner.
Begin Again and Call Today To Ensure a Secure Financial Future!
As an experienced bankruptcy attorney and litigator, I can help to guide you to a path of financial stability and a new beginning. Our goal is to provide exceptional service and superior results for every client. Call today for a free consultation and see if bankruptcy is right for you. Don’t go at it alone and seek the help you deserve!
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