What Will Bankruptcy Accomplish?
A Chapter 7 bankruptcy is known as a “fresh start’ bankruptcy. The ‘fresh start’ means most of your debts go away. Unfortunately, there are certain debts that are deemed non-dischargeable, meaning they will survive your bankruptcy.
In general, most unsecured debts are in fact discharged. Also secured debts on property you give back go away. For instance, if you have a car loan and you are not keeping the car, that debt is discharged, even if you owe more than what the car is worth.
Debts that do not get a bankruptcy discharge include:
- Child support and alimony
- Student loans
- Liability for personal injury while operating a motor vehicle while under the influence of alcohol or drugs
- Criminal restitution, Court penalties and fines
- Certain taxes, depending on when the tax return was due and when it was filed.
Only an experienced lawyer well versed in bankruptcy laws can correctly tell you what is discharged and what survives in your bankruptcy.
Toledo Ohio based bankruptcy attorney Fred Boyk can answer your questions and determine how the bankruptcy laws affect you personally. For a free consultation, you can contact Fred Boyk at (419) 327-6160.