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What Debts are Discharged in Bankruptcy

Many Americans today are struggling to meet their credit card debts along with their other monthly obligations. A divorce, job loss or serious illness can mean that an otherwise responsible and hardworking consumer simply cannot make ends meet. For the individual who is overburdened with consumer debt, bankruptcy may be a solution.

Most unsecured debts are dischargeable in bankruptcy. This includes medical bills, unsecured loans and credit card debt. You are required to provide a list of all debts and assets to the court when filing for bankruptcy even though some those debts may not be discharged as a matter of public policy. Some debts which may not be dischargeable include student loans, some income tax debt, fines and restitution, debts to government units, spousal support and child support, debts for personal injury caused by DUI, debts incurred through fraud or criminal acts.

Most types of unsecured debt can be eliminated through Chapter 7 bankruptcy which gives you a fresh start. Chapter 13 allows you to eliminate unsecured debts and reduce your remaining debts through a three to five year repayment plan. In some cases Chapter 13 will result in a reduced mortgage payment through lien stripping. When a home is worth less than the total of the first mortgage plus any junior mortgages, the second or third mortgage may be deemed unsecured debt. The junior mortgages can then become part of your repayment plan. Unsecured debt which remains after you complete the plan will be discharged.

If you have specific questions, we offer a free consultation and are conveniently located for residents of Woodland Hills, Simi Valley, and Agoura Hills to visit our office.

Categories: Bankruptcy

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4764 Park Granada, Suite 206, Calabasas, CA 91302
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