Bankruptcy Discharge

Debts that Can Be Discharged in Bankruptcy

In bankruptcy, you can eliminate debts, both secured and unsecured, depending on which type of bankruptcy you file.  Depending on your case, you may be able to eliminate personal loans, mortgages, car loans, and credit card accounts.

​You can keep specific quantities of money as well as certain kinds of assets such as a vehicle, clothing, furniture, work tools, pension accounts, and your wedding and engagement rings. In addition, if you own real estate, such as your home, or a financed car or truck, you may have the ability to keep those if you keep paying for them, if you want, depending on their value and how much you owe on them

Debts that Cannot Be Discharged

Although bankruptcy can forgive some kinds of debts, there are some which cannot be wiped out. These include:

• Most student loans
• Court-ordered alimony
• Court-ordered child support
• Debts you reaffirmed
• Liens for taxes owed to the U.S. government
• Government/court fines or penalties

If those are your only debts, bankruptcy is not going to help you.

If you have questions about how your debts will be handled in a bankruptcy, give us a call at (804) 294-3003.