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Bankruptcy

Are All Debts Discharged Through Bankruptcy?

Posted by brian on April 2, 2018
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3 Debts that you will be left with.

If you’re in debt, and can’t find a way out, it’s time to file for Chapter 7 bankruptcy. Chapter 7 bankruptcy is the best option when you don’t have a lot of assets or income. During the bankruptcy proceedings, your non-exempt assets will be liquidated, and the proceeds will be paid towards your debt. Any debt left owing will be discharged. However, it’s important to note that not all debt is eligible for discharge. Here are three types of debts that are not, which means you’ll continue to be responsible for them even after your bankruptcy is discharged.

Student Loan Payments

If you’re behind on your student loans, you may have planned to place them on your bankruptcy. While you will need to claim the debt, your student loans are not eligible for discharge. If you have questions about your student loans, especially if you’ve been making regular payments, you need to talk to Justin Jackson at the Jackson Law Firm.

Spousal or Child Support Payments

If you owe spousal or child support payments, you will still be responsible for those payments once your bankruptcy is discharged. These types of payments aren’t eligible for discharge either. If you’re confused about how bankruptcy will affect your spousal or child support payments, you should talk to Justin Jackson at the Jackson Law Firm.

Court Fines and Penalties

If you owe court-ordered fines or penalties, including victim restitution for criminal cases, you will continue to owe them after your bankruptcy is discharged. Court-ordered fines and penalties cannot be discharged through bankruptcy proceedings.

If you’re tired of dealing with phone calls from your creditors, it’s time to file for bankruptcy. If you’re looking for a Cedar Park Bankruptcy Lawyer in Cedar Park TX, you need to contact Justin Jackson at the Jackson Law Firm right away. He’ll help you through the entire process.

For more information on our Cedar Park Bankruptcy Lawyers please visit our site.

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