Vance P. Truman, Attorney at Law
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Will Chapter 7 get rid of all debts?

The short way to describe Chapter 7 bankruptcy is simple: It eliminates your debt after you liquidate some of your assets to pay off some of what you owe.

As with many things, though, using the simple answer leaves out some key points. You really want to consider this from all sides so that you can make the right decision for you.

For instance, Chapter 7 does get rid of your debt, but it may not get rid of all debts. You may still need to pay things like:

  • Child support
  • Alimony
  • Student loans
  • The cost of some luxury items
  • State and federal taxes
  • Real estate liens

This doesn't mean you should not file. After all, there are some situations where even these debts can change; you may be able to ask for a child support modification, for instance, or you may be able to claim that student loans are an undue hardship and should be included in your bankruptcy filing. You may also find that another type of bankruptcy, such as Chapter 13, works best for you.

So, while filing may still be the right option, your goal should simply be learning all that you can about how the process works and what steps you need to take. You absolutely do not want to let yourself fall prey to any of the main bankruptcy myths, and you never want to make assumptions. Only when you take the time to gather all of the proper information and look into exactly what you need to do to seek a financial fresh start can you give yourself the best chance for success.

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