What Debt Can Be Erased in Chapter 7 Bankruptcy?
Debt is a fact of life for many Americans. But, when it becomes unmanageable, it can be a huge burden. One option for dealing with debt is bankruptcy. Chapter 7 bankruptcy is the most common type of bankruptcy filed in the United States. It allows people to discharge certain debts and get a fresh start. So, what debts can be erased in Chapter 7 bankruptcy? Generally speaking, most unsecured debts can be discharged in bankruptcy. This includes things like credit card debt, medical bills, and personal loans. Secured debts, like mortgages and car loans, cannot be discharged in bankruptcy. Of course, there are some exceptions to this rule. For example, taxes and child support cannot be discharged in Chapter 7 bankruptcy. And, if you have filed for bankruptcy before, some of your debts may not be eligible for discharge.
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