How Debt Is Treated in Bankruptcy
How Debt Is Treated in Bankruptcy
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Debt Discharge in Bankruptcy: Nondischargeable Debts
Debtors can eliminate or “discharge” many debt types in Chapters 7 and 13, including credit card balances, personal loans, and utility bills. However, bankruptcy doesn’t discharge obligations known as "nondischargeable" debts.
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Unsecured Debt: Priority vs. Non-Priority
Whether you file for Chapter 7 or Chapter 13 bankruptcy, you must list unsecured debts as either priority debts or nonpriority debts. Learn why priority debts must be paid first.
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Student Loans in Bankruptcy: The Brunner Test
Getting student loans discharged in a Chapter 7 bankruptcy case is very difficult. For the most part, you must show that repayment would cause you "undue hardship."
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How Medical Bills Are Treated in Chapter 13 Bankruptcy
Although you must repay some of your medical debts in Chapter 13 bankruptcy, you do this through the protection of your Chapter 13 repayment plan.
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Will Bankruptcy Stop the IRS From Collecting Tax Debts?
The automatic stay will stop the IRS from collecting taxes debt that you owe once you file a Chapter 7 or Chapter 13 bankruptcy. But depending upon the nature of the tax debt you owe, the IRS may be permitted to collect from you later.
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Secured vs Unsecured Debt in Chapter 7 Bankruptcy
What happens to your debts in Chapter 7 bankruptcy depends on whether they are secured or unsecured.
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Debts You Can Wipe Out in Chapter 13 Bankruptcy
If you complete a Chapter 13 repayment plan, you'll receive a bankruptcy discharge eliminating your liability on the remaining balance of qualifying debts. Learn which obligations you can erase in Chapter 13.
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What Happens to Your Timeshare and Timeshare Debt in Bankruptcy?
Find out what happens to a timeshare mortgage and related debts in bankruptcy and why it will depend on the timeshare type, its value, and whether you file for Chapter 7 or Chapter 13 bankruptcy.
