Debts You Can & Cannot Erase with Bankruptcy


Here's how different debts are treated in bankruptcy:

Debts Dischargeable in Chapter 7:

Personal loans – such as money borrowed from friends; Credit cards; Repossession deficiencies; Auto accident claims; Health care bills; Judgments Debts from a Business....

Need Chapter 13 for:

Debt Limit: Disallowed for debtors with unsecured debt over $336,900 or secured debt over $1,010,650.

Luxury purchases on credit within 90 days of filing; Cash advances of over $750 within 70 days of the filing date; Debts for loans taken out against retirement accounts; Trust fund taxes; Child or spousal support; Fines, penalties, restitution; Accident suits involving intoxication....

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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