In plain terms, Bankruptcy is the process to help individuals in financial crisis get back to sound footing by (getting rid) of debt without paying for it. It’s a safety net for individuals and families to be financially sound and have a chance to secure a sound financial future and eventual retirement.

But, not all debts will be automatically forgiven through a Chapter 7 bankruptcy. Here is a list of the debts that you will still have to pay:

The italicized debts above start as non-dischargeable.

*These debts may be dischargeable under a Chapter 13 Bankruptcy but are not dischargeable in a Chapter 7 bankruptcy.

Leave a Reply

Your email address will not be published.