Monday, August 1, 2011

What Debt will Bankruptcy Discharge?

Bankruptcy will discharge most general unsecured debt.  Receiving a "discharge" in bankruptcy means a person will no longer be legally responsible for paying the debts after bankruptcy.  Most debt is dischargeable through bankruptcy. However, there is some debt that bankruptcy will not discharge.  

The most common types of non-dischargeable debts are student loans, tax debt assessed within the past three years, child support or maintenance, debts caused by willful and malicious injuries to person or property, government fines and penalties, debts for personal injury or death caused by intoxicated driving, certain condominium or home owners association dues and fees, debts not listed by the debtor on the bankruptcy schedules filed with the court, debts incurred by lying or fraud, debts from embezzlement and larceny, and debts you owe under a divorce decree or settlement.  

Slightly more debts can be discharged through a chapter 13, than in a chapter 7.  These debts include debts arising from a divorce decree or settlement, debts for willful and malicious injury to property, and debts incurred to pay non-dischargeable tax obligations.  The discharge will not occur immediately in a chapter 13.  To receive the discharge a debtor must generally complete their chapter 13 plan payments which can last from 36-60 months. 

Most people file bankruptcy to discharge or stop the following:
  • Credit Card Debt
  • Medical Bills
  • Income taxes assessed more than three years ago
  • Creditor Lawsuits
  • Repossessions
  • Foreclosure
  • Wage and Bank Garnishments 
  • Creditor Harassment
  • Discharge Debt from an Accident to Reinstate a Suspended Driver's License
The main goal of bankruptcy, for most people, is to obtain a financial fresh start.  This can be obtained by discharging debt through bankruptcy.  The process may seem stressful, but most debtors feel an immense sense of relief from stress once the mountain of debt is discharged.

If you have questions regarding bankruptcy in Indiana please contact Jackson & Oglesby Law at (877) 489-0908 or visit us at www.IndyBankruptcyLaw.com. Jackson & Oglesby Law can assist you with all aspects of your bankruptcy case. If you have questions regarding Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping foreclosure or wage garnishment, avoiding liens, stopping law suits, discharging debt, etc. we can help! Please call us today for your free phone consultation to determine which bankruptcy may be right for you.

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