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Chapter 7 Bankruptcy – Debts That Can and Cannot Be Discharged

Post by Christopher Migliaccio

Unsure whether to file for bankruptcy? A Richardson Chapter 7 bankruptcy attorney can review your financials and circumstances to help you better understand whether you qualify. When you are past due on your bills and unemployment or lack of funds has left you unable to take care of your financial obligations, you may need to resort to bankruptcy, but not all debts qualify for discharge.

Chapter 7 bankruptcy, named after Chapter 7 of the Bankruptcy Code, allows you to wipe away a majority of your debt and keep creditors from harassing you for payment. Make sure you understand which debts can be discharged before you begin the process. You must meet certain qualifications in order to be eligible for this type of bankruptcy. You should also be aware of the effects that filing for bankruptcy may have on your life.

Debts That Can Be Discharged

Chapter 7 bankruptcy serves to discharge most of your debt. Although not every debt can be wiped away, many can. One of the most common debts discharged is credit card debt, but several others may also be covered under this type of bankruptcy.

Chapter 7 bankruptcy may also cover the following debts: 

  • medical bills;
  • personal loans;
  • debts from business;
  • past-due utility bills;
  • collection agency accounts;
  • overpayment from government assistance (such as Social Security or veterans’ assistance loans); and
  • lease agreements, such as past-due rent.

Only in certain situations can student loans, car accident claims, dishonored checks and attorney fees be discharged as well.

Debts That Cannot Be Discharged

Unfortunately, Chapter 7 bankruptcy may not leave you totally free of debt. Certain debts cannot be discharged through Chapter 7 bankruptcy, so you will still be responsible for them.

Unless the debtor can claim extraordinary circumstances, then you are liable to pay debts such as:

  • retirement plan debt;
  • unscheduled debts;
  • debts for some taxes;
  • past-due homeowner’s association fees;
  • dishonored checks or civil court judgments based on fraud;
  • past-due spousal support or child support;
  • government fines and penalties;
  • student loans (except in rare cases);
  • fines from courts; and
  • personal injury damages caused by a DUI. 

A Richardson Chapter 7 bankruptcy attorney can review your case and inform you of the debts for which you will still be liable after bankruptcy.

Pros and Cons of Bankruptcy

Filing for Chapter 7 bankruptcy may be a person’s only way of discharging debts they can no longer afford to pay. You will no longer be contacted by creditors through the mail or telephone, and you can no longer be threatened by repossession or wage garnishment.

Bankruptcy also allows you to start anew financially. Your credit score will be hit hard immediately after your bankruptcy. However, by using credit cards responsibly, you have the opportunity to rebuild your credit and possibly end up in a better financial situation than ever.

Although bankruptcy provides financial relief, it can have several negative effects on your life. A bankruptcy can stay on your credit report for up to 10 years, weakening your credit score. This could make applying for a loan difficult. Your loan amounts may be limited to small amounts with very high interest rates. In addition, because many companies perform background and credit checks on job applicants, a bankruptcy on your record may prove to be a burden on your application even if you have the experience and education needed to perform the job duties.

Contacting a Lawyer

If discharging debts is your focus, you may consider a Chapter 7 bankruptcy. A lawyer can review your financial situation and help you determine if filing for bankruptcy is in your best interest. If you are in need of a Richardson Chapter 7 bankruptcy attorney, contact the law offices of Warren & Migliaccio, L.L.P. They can help you get on the right track after a bankruptcy. Contact them today at (888) 584-9614.

Article Category: Chapter 7 Bankruptcy

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