When it comes to getting debt you can't pay discharged; you may think that filing for a Chapter 7 bankruptcy will do all of this for you. However, this is simply not the case. There are several items that will not be discharged with the completion of this legal status. Before you begin the process of filing, you should be well aware of what won't be financially dismissed for you in this situation.
Child support and alimony
If you've been ordered by the court to pay any type of support to a child or ex-spouse, you will have to continue making these payments. However, it may be possible to reduce a number of your monthly payments, but this is something you will have to do through the court system in your area.
Personal injury costs
If you were responsible for another person getting severely injured, you will have to pay any costs associated with this. You may have gone through the process of civil litigation and been assigned a certain amount of money that you will need to pay for this individual's damages, and these must be paid.
Borrowing money to pay for student loans may be necessary for you to complete your education. However, if you think getting this debt discharged quickly is possible, you are mistaken.
It's very rare that student loans will be dischargeable and only in rare cases is this even possible.
Fines and penalties
If you've been fined by a government agency for breaking a particular requirement or law, you will have to repay this money. This includes instances when you may have broken the law, and you're required to pay the court a fine for doing so.
Lying on your credit application and being awarded the money you need may not be discharged if you file for bankruptcy. Any type of fraudulent activity will be presented by the creditor, and this will automatically disqualify you from getting rid of this debt with ease.
Being able to qualify for bankruptcy is ideal if you are prepared for what won't be discharged in advance. This can allow you to know if it's worth your time or not. Be sure to rely on the advice of a bankruptcy attorney that will be capable of guiding you in the right direction and helping your through a difficult financial time in your life. More about this topic can be found here.