Bankruptcy can offer you a chance to rebuild your finances, especially if you’re drowning in debt. Unfortunately, not all debts are considered equal. Knowing the differences between rechargeable and non-dischargeable debts will help you understand what bankruptcy will cover in your case.
Dischargeable Debts
Dischargeable debts are those that can be eliminated through bankruptcy. These include:
- Credit card debt
- Medical bills
- Utility bills
- Overdue rent
- Personal loans
- Certain tax liabilities
Non-Dischargeable Debts
Non-dischargeable debts, on the other hand, are those you can’t eliminate through bankruptcy. Some of the most common types include:
- Alimony and child support
- Most taxes
- Student loans
- Debts you left out of the bankruptcy process
- Personal injury debts from DUI cases
- Fines, penalties, and restitution you owe due to criminal activity
- Condo or co-op housing fees
Our Attorneys Are Here To Help
The bankruptcy process can be time-consuming to understand and navigate. Our experienced bankruptcy lawyers are here to guide you through the filing process and help you determine which debts you can discharge. If you want to learn more about your options, don’t hesitate to contact us today.
