Debts That Cannot Be Discharged Through Bankruptcy
Bankruptcy would help you resolve all your debt problems- this might be what you thought. Turns out, it is not as simple as that. Many of your debts can be discharged when you file for bankruptcy. Some debts, known as non dischargeable debts, cannot be resolved if you file for bankruptcy. You would need to know what types of debts you can discharge, and which ones you are to repay, before you file a claim.
Child support
Child support and support to ex spouses fall under this type of debt. You will be expected to continuing paying for child support even if you claim bankruptcy.
Income tax back payments
If you have debts related to past payments on income, you would be expected to clear your dues. If there are other taxes you are responsible for, be aware that these debts would also need to be cleared.
Loans for education
If you took loans to further your education, you would have to repay them.
Fines
If you were fined for criminal or civil breach of law, or you accidentally injured somebody and are held responsible, you would be expected to pay fines and compensation.
You would also need to be aware that any repayments pending on property exempted by the court would have to be fully paid. You would need to go over your financial situation carefully to figure out if claiming bankruptcy would help you discharge your debts. You would also need to file the paperwork carefully. If you forget to, or neglect to, list a debt when claiming bankruptcy, you would be expected to repay the loan. A Largo MD bankruptcy lawyer will help you file the paperwork and offer guidance and support through the process. You may like to schedule your first consultation with a Largo MD bankruptcy lawyer through phone or through an online form offered by bankruptcy law firm in Maryland, to assess if filing bankruptcy will help you discharge your debts.
Child support
Child support and support to ex spouses fall under this type of debt. You will be expected to continuing paying for child support even if you claim bankruptcy.
Income tax back payments
If you have debts related to past payments on income, you would be expected to clear your dues. If there are other taxes you are responsible for, be aware that these debts would also need to be cleared.
Loans for education
If you took loans to further your education, you would have to repay them.
Fines
If you were fined for criminal or civil breach of law, or you accidentally injured somebody and are held responsible, you would be expected to pay fines and compensation.
You would also need to be aware that any repayments pending on property exempted by the court would have to be fully paid. You would need to go over your financial situation carefully to figure out if claiming bankruptcy would help you discharge your debts. You would also need to file the paperwork carefully. If you forget to, or neglect to, list a debt when claiming bankruptcy, you would be expected to repay the loan. A Largo MD bankruptcy lawyer will help you file the paperwork and offer guidance and support through the process. You may like to schedule your first consultation with a Largo MD bankruptcy lawyer through phone or through an online form offered by bankruptcy law firm in Maryland, to assess if filing bankruptcy will help you discharge your debts.
