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Chapter 7 Bankruptcy: What Debts Can You Eliminate?

Chapter 7 Bankruptcy: What Debts Can You Eliminate?
"""An increasing number of Americans are forced to file for bankruptcy in order to free themselves from their previous burden and start over with a clean slate because of the overwhelming tension of their financial problems. It is crucial to retain the services of a bankruptcy attorney throughout this process. With their knowledge and expertise, they can make a very perplexing and stressful period easier for anyone to manage. However, even with the assistance of a bankruptcy attorney, there are some debts that chapter 7 bankruptcy cannot eliminate.

You must be aware of them prior to beginning your search for professional bankruptcy assistance. These obligations consist of:

#1 Unpaid taxes. This is one type of debt that your attorney may be able to assist you with, but if the taxes you owe are older than three years, they will not be able to remove this debt.

Child support and alimony not paid. According to the bankruptcy laws, any delinquent child support or alimony that you owe cannot be discharged. This includes future distributions of your assets.

#3 Penalties and attorney fees. Chapter 7 bankruptcy will not discharge fines, attorney fees, or any other money owed for legal expenses.

#4 Student loans. These debts are not dischargeable in bankruptcy. If it can be demonstrated that repaying the student loans would cause you or your dependents undue hardship, the debt may be forgiven.

There are two circumstances in which the debt you owe cannot be eliminated through bankruptcy.

#1 Any debts not listed on the original bankruptcy petition. You must ensure that all of your debts, no matter how large or minor, are written down so that there are no questions. This also brings to mind a scenario in which a person filing for Chapter 7 bankruptcy receives a significant bill from a local hospital or other bill after all their debts have been discharged. This means that you are still liable for payment, even if the services were rendered before you filed for bankruptcy.

Any fraudulent charges or dishonest activity in any form will not be covered by your bankruptcy, and in many cases may even jeopardize your case before the court.

To ensure that you completely comprehend what is happening with your bankruptcy and to increase your chances of acceptance, you must obtain proper bankruptcy assistance. There are services that can provide you with professional financial advice regarding your best course of action. Utilize this fantastic resource and get out of debt for forever.""

" - https://www.affordablecebu.com/

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"Chapter 7 Bankruptcy: What Debts Can You Eliminate?" was written by Mary under the Finance / Wealth category. It has been read 64 times and generated 0 comments. The article was created on and updated on 02 June 2023.
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