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Eliminating Debt Through Bankruptcy

When debt becomes too much to carry, people turn to bankruptcy as a way to eliminate those debts and get a fresh financial start. They often do this under the impression that they can eliminate ALL of their debts through bankruptcy. While bankruptcy is a viable way to reduce some of a person’s debt, not all debts can be eliminated through bankruptcy.

Under Chapter 7 bankruptcy, the following types of debt cannot be eliminated:

  • Child support
  • Spousal support/alimony
  • Tax related debts
  • Most student loans
  • Debt from criminal fines or penalties
  • Debt from personal injury damages
  • Mortgages and other liens not paid in the bankruptcy case.

In a Chapter 13 bankruptcy case no debts are eliminated. Instead, all of an individual’s outstanding debt is consolidated into a lump sum. Then, over the course of three to five years, the individual makes payments until all of his or her debt has been repaid.

If you are floundering under debt that you simply cannot get a grip on or cannot afford to pay off, you should consider speaking with a Los Angeles bankruptcy attorney at the Law Office of Teresa Beyers. An attorney at the office can review your financial situation and discuss the best debt relief options available to you.

To schedule a consultation, please contact the Law Office of Teresa Beyers today at (213) 236-4400.