Dischargeable and Non-Dischargeable Debts
One misconception about bankruptcy is that all of your debts can be discharged or forgiven. Unfortunately, not every debt is dischargeable, therefore, requiring you to pay off certain remaining debts even after filing for bankruptcy. Depending on what type of bankruptcy you file, you may be more able to discharge certain debts. Under Chapter 7 bankruptcy, debtors are usually allowed to discharge a large amount of debt. Thus, as a debtor, it is important that you understand the difference between dischargeable and non-dischargeable debts so you can know what to expect when you file for bankruptcy.
At the Bradford Law Offices, PLLC, we understand how difficult financial uncertainty can be on every part of your life. That is why we are dedicated to helping you understand your options for debt forgiveness through Chapter 7 bankruptcy. To learn more about the difference between dischargeable and non-dischargeable debts, contact a Raleigh Chapter 7 bankruptcy attorney today at (919) 758-8879 and schedule a free consultation.
What Debts are Dischargeable?
A dischargeable debt is one you are no longer responsible for paying after filing for bankruptcy. Some common examples of dischargeable debts include:
- Payments on motor vehicles
- House payments
- Debts related to your business
- Credit card debts
- Personal loans
Along with dischargeable debts, there are also non-dischargeable debts that cannot be forgiven with bankruptcy. Some examples of non-dischargeable debts include student loans, child support, alimony, any debt owed to the government, and certain unpaid taxes.
Finding financial relief through bankruptcy may be the best path for you. For more information about using Chapter 7 bankruptcy to your benefit and which of your debts are dischargeable, contact our Raleigh Chapter 7 bankruptcy attorneys of the Bradford Law Offices, PLLC, today at (919) 758-8879.