Discharging Debt Through Chapter 7 Bankruptcy


Bankruptcy for many people is a difficult decision to come to. When it finally comes to the point where you need to weigh your options, you will need to sit down and take the time to consider either Chapter 7 bankruptcy or Chapter 13. Take a moment to look at what you are able to do when you consider Chapter 7.

This form of bankruptcy filing tends to be a little limited in terms of the items you can discharge. With it, you can still remove unsecured debts, such as credit cards. However, there are going to be other items you are able to take care of as well.

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As you work with your attorney on a Chapter 7 bankruptcy, you are going to find that there are some debts that are going to be more common to discharge in addition to the unsecured credit card debts. This includes personal loans, medical debts, repossession deficiencies, auto accident claims, income taxes and penalties as long as they aren't listed as being priority taxes.

Keep in mind that when you are listing these items on your Chapter 7 bankruptcy, you need to ensure that there is no fraud or tax avoidance that is an issue with these. In those cases, you are going to find that there are provisions in place that could hinder your ability to have them dismissed.

Like any proceeding, you are going to find that there are going to be restrictions in place that will prevent you from discharging certain debts. For example, you are going to find that recent taxes, child support, criminal fines, government penalties, student loans and recent taxes are among those items that you will be unable to discharge when filing bankruptcy. Along with that, you are going to find that any debt you fail to list in these proceedings will not be available to discharge.

With the limitations that are in place with the Chapter 7 bankruptcy, you might need to consider going and looking at a Chapter 13. What you are going to find is that this type of bankruptcy is going to actually provide you with a different approach that can be of assistance to those who have debts that they are going to be required to pay and this will provide you with a manner that you are going to be able to feasibly pay them off.

If you are considering filing bankruptcy, then you will need to take a moment to sit down with a bankruptcy attorney. This individual will be able to look over your debts and will be able to answer the questions you may have and to let you know which of your debts are eligible to be handled through a bankruptcy filing. Just make sure that when you meet with them you have all your information on hand for each of your debts and be prepared to be honest as accurate information will be essential during this process.


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