What Qualifies as a "Non-Dischargeable" Debt?
Many people make the assumption that filing for bankruptcy automatically means they no longer owe anyone money on back debts and to creditors. Unfortunately, this is far from the truth. Bankruptcies can discharge certain debts, but for some, bankruptcy just creates a more manageable plan for paying debt. You will still owe money and be required to make payments, but your total debt might be less or your penalties might be waved.
There are instances in which debts are wiped clean, but this option does not apply to all types of debt. Some debts are dischargeable and some are non-dischargeable.
Dischargeable debts include:
• Medical bills
• Outstanding collection agency debts
• Credit card debt
Non-Dischargeable debts include:
• Child support
• Alimony
• Student loans
• State and federal taxes
• Government fines
• Housing and rental fees
• DUI damage penalties
This is one of the many reasons why it is important to carefully consider your options before filing for bankruptcy. Filing is not a cure-all. It can help you get your financial life back on track, but it might not solve everything. For some people, handing control of their money over to the court is a mistake and they end up with long-term problems that could have been solved with a different arrangement.
Contact an Experience Bankruptcy Attorney
Before filing for bankruptcy, you need to speak with an experienced attorney. Click here for experienced bankruptcy attorney in Massachusetts. He or she can offer information on your various options and help you determine what choice is best for you. Speaking to a lawyer does not automatically trigger bankruptcy. He or she can help you deal with creditors and find a solution for your debt problems, even if bankruptcy is not the path you choose.
It is important that you not rush into filing for bankruptcy. It can help, but it might not alleviate all of your financial problems. A consultation with a bankruptcy lawyer helps you determine which of your debts is dischargeable and which are non-dischargeable. This gives you a complete picture of your situation and allows you to determine how your financial picture will look after a bankruptcy filing.
If you have questions about whether your debts are dischargeable or not, or you think bankruptcy might be the best option for you, contact the Law Office of Brian R. Lewis.
There are instances in which debts are wiped clean, but this option does not apply to all types of debt. Some debts are dischargeable and some are non-dischargeable.
Dischargeable debts include:
• Medical bills
• Outstanding collection agency debts
• Credit card debt
Non-Dischargeable debts include:
• Child support
• Alimony
• Student loans
• State and federal taxes
• Government fines
• Housing and rental fees
• DUI damage penalties
This is one of the many reasons why it is important to carefully consider your options before filing for bankruptcy. Filing is not a cure-all. It can help you get your financial life back on track, but it might not solve everything. For some people, handing control of their money over to the court is a mistake and they end up with long-term problems that could have been solved with a different arrangement.
Contact an Experience Bankruptcy Attorney
Before filing for bankruptcy, you need to speak with an experienced attorney. Click here for experienced bankruptcy attorney in Massachusetts. He or she can offer information on your various options and help you determine what choice is best for you. Speaking to a lawyer does not automatically trigger bankruptcy. He or she can help you deal with creditors and find a solution for your debt problems, even if bankruptcy is not the path you choose.
It is important that you not rush into filing for bankruptcy. It can help, but it might not alleviate all of your financial problems. A consultation with a bankruptcy lawyer helps you determine which of your debts is dischargeable and which are non-dischargeable. This gives you a complete picture of your situation and allows you to determine how your financial picture will look after a bankruptcy filing.
If you have questions about whether your debts are dischargeable or not, or you think bankruptcy might be the best option for you, contact the Law Office of Brian R. Lewis.
