Non-dischargeable debts under Chapter 7
Posted on Friday, March 11th, 2016 at 4:36 pm
Though it may be possible to discharge many of your debts through the process of Chapter 7 bankruptcy, it is important to note that some debts are considered to be non-dischargeable. As such, some debts will follow you even after you file for Chapter 7 bankruptcy protection, including the following:
- Student loans (though there are some exceptions)
- Certain taxes, fines, and penalties owed to the government
- Debts associated with child support and alimony
- Debts owed as restitution for a criminal offense
- Debts owed for some retirement plans that are tax-advantaged
Bearing this in mind, there are still a number of significant advantages to Chapter 7 bankruptcy that may outweigh the fact that some debts will not be discharged in the process. In any event, you should consult with an attorney who can help you make an informed decision about whether Chapter 7 bankruptcy, or one of the other form of bankruptcy, may be best for you.
If you would like get a better understanding of how you may be able to use Chapter 7 bankruptcy to deal with your debts, you should reach out to one of our attorneys to discuss the particulars of your situation. To speak with a Raleigh Chapter 7 bankruptcy attorney from the Bradford Law Offices, PLLC, about what bankruptcy may mean for you, please call our offices at (919) 758-8879 today.