Topics Covered:
Dischargeable Debts
Non-Dischargeable Debts
Dischargeable & Non-Dischargeable Debts
Irving, (Dallas) TX Bankruptcy: Dischargeable Vs. Non-Dischargeable Debts
When you decided to file for an Irving, TX bankruptcy, you were probably looking forward to freeing yourself from any and all debts that you have. Unfortunately, this is not the case for everyone. Some debts fall under the category of what is commonly called “non-dischargeable debt”. Before you file for an Irving, TX bankruptcy, you need to find out how much of your debt you will likely be able to get discharged and how much you will retain. Your first step will be to learn about which debts are dischargeable and which are not. Let’s take a look at some of the most common dischargeable and non-dischargeable debts.
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Dischargeable Debts
A dischargeable debt is one that you will no longer be responsible for paying back after your Irving, TX bankruptcy and are usually debts that are not secured by a government agency or a piece of property. Included in this are credit card debt, most personal loans, collection accounts, judgments, medical bills, and business debts.
Non-Dischargeable Debts
A non-dischargeable debt is one that you will be responsible for paying back after your Irving, TX bankruptcy and are usually debts that are secured by a government agency or a piece of property. Included in this are student loans, child support, alimony payments, restitution payments, or any unsecured debt (see above) that you failed to list in your Irving, TX bankruptcy petition. This last is the worst because this is debt that likely would have been forgiven, if you would have properly listed it when you filed for a Irving, TX bankruptcy.
Dischargeable & Non-Dischargeable Debts
There are some debts that may be dischargeable or may not be dischargeable, depending on the particular circumstances.
First are unpaid taxes. Many older back-owed taxes can be discharged, while newer tax bills cannot. There may also be other circumstances that need to be taken into consideration, such as what the tax bill was for and if it is actual back-owed taxes or tax penalties. Your Irving, TX bankruptcy lawyer will be able to sit down with you and let you know the factors surrounding your IRS bill and if you are likely to get it discharged.
Second are debts that are contested by your creditors. Your creditors have highly-paid lawyers that will likely do whatever they can to get the debt that you owe exempted from your Irving, TX bankruptcy. The good news is that many times these objections can be fought and won when you have a good Irving, TX bankruptcy attorney on your side.
Discovering which debts will be dischargeable and which will not is important information that can help you decide if bankruptcy is the right path for you and which type of bankruptcy you would like to file.
At Allmand and Lee, we have experienced bankruptcy attorneys who can help you down this hard road and on toward a better future. Please fill out our free and confidential evaluation form to see how we can help you. We have helped thousands of others resolve their financial crisis and get through this tough situation, and we can help you too.
Topic: Irving, (Dallas) TX Bankruptcy: Dischargeable Vs. Non-Dischargeable Debts