What Debts Are Discharged In Bankruptcy? – Bankruptcy Questions Answered

Published on January 30, 2024

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What Debts Are Discharged In Bankruptcy? Call (703) 967-3315 or visit https://fishersandlerlaw.com and ask us about our 👉$0 Down Bankruptcy Program today.👈

Fisher-Sandler has been helping people get out of debt since 1999. We’ve helped thousands of clients file for bankruptcy and we can help you too! Our experienced attorneys have successfully handled thousands of chapter 7 and chapter 13 cases in Northern Virginia.

If you are tired of being harassed by creditors, or if your financial situation is causing stress on your family, then it may be time to consider filing bankruptcy.

Bankruptcy offers people who are overwhelmed by debt an opportunity for a fresh start through either liquidation (Chapter 7) or reorganization (Chapter 13). In both cases, the bankruptcy court can discharge certain debts. Once a debt has been discharged, the creditor can no longer take action against the debtor, such as attempting to collect the debt or seize any collateral. Not all debts can be discharged, however, and some are very difficult to get discharged.

What Is a Discharge and How Does It Work?

A bankruptcy discharge releases individual debtors from personal liability for the debt and prevents the creditor owed that debt from taking any collection actions against the debtor. In other words, the debtor is no longer legally required to pay any discharged debts. Most Chapter 7 filers automatically receive a discharge about four months after filing the bankruptcy petition.

Filing for bankruptcy can get you out from under debt and give you a fresh start. In both Chapter 7 or Chapter 13 bankruptcy, many types of debt will be discharged (wiped out) at the end of your case. This isn’t true of all debts, however.

If you have non-dischargeable debt and you file for Chapter 7, you’ll still owe these debts after your discharge. If you file for Chapter 13 bankruptcy, you’ll repay most non-dischargeable debts in full through your repayment plan.

Most unsecured debts, like credit cards, medical bills, and payday loans, are walk-away dischargeable debt in bankruptcy Chapter 7. You can wipe away the underlying debt, as well as any adverse action tied to that debt. After the bankruptcy is over, it is typically illegal for any moneylender to make any attempt to collect debts that have been discharged (forgiven) in bankruptcy.

Domestic support obligations, are on the opposite end of the spectrum. Alimony, child support, and other Domestic support obligations are almost never discharged debt in bankruptcy. That being said, the automatic stay does apply to Domestic support obligations. So, creditors must suspend any wage garnishment or other adverse action while the bankruptcy is active.

While most debts can be wiped out in Chapter 7 bankruptcy, some cannot. Understanding which debts can and cannot be discharged in bankruptcy can be an important consideration in deciding whether to file for bankruptcy.

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How To Prevent Getting Into The Financial Obligation Trap With Credit Cards

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