WHICH OF MY DEBTS CAN BE DISCHARGED BY BANKRUPTCY?
Posted on 10 09,2013
One of the most common myths about bankruptcy is that you will be able to discharge all of your outstanding debt by filing for bankruptcy protection. That is not true. What is true, however, is that if you qualify for Chapter 7 bankruptcy you will be able to discharge your unsecured debt such as any credit card debts, medical bills, utility bills, certain tax bills, certain accounts that have been sold to collection agencies, personal loans, and more. Secured debts, most student loans, court-ordered child support or alimony payments and specific taxes are not eligible for discharge. In cases where an individual does not qualify for Chapter 7 bankruptcy and must seek protection by filing for Chapter 13 bankruptcy, each of the individual's debts will be restructured so as to get them paid off within a 3-5 year time period. This may involve some debts being renegotiated to allow the debtor to pay only a portion of the debt before it is considered fully resolved.
To find out if you qualify for bankruptcy, we advise you contact a Virginia Beach bankruptcy lawyer at our firm so that we can help you with the means test. A means test will help determine whether or not you have sufficient financial means (disposable income and assets) to get your debts paid off. Our lawyers have years of experience helping Virginia Beach residents navigate the means test, as well as the represent them throughout the entire bankruptcy process. We are committed to doing everything possible to help our clients obtain the debt relief they need. By doing a thorough and complete analysis of your current and future financial obligations we will be able to help you determine whether bankruptcy is right for you, while at the same time providing you with a strategy to help you obtain the most favorable outcome for your case.
To improve your chances of having your qualifying debts discharged by bankruptcy, you need an experienced bankruptcy lawyer representing your interests and advocating for you. To get started, contact the David McCormick Law Group right away.