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Debts That Survive A Bankruptcy

Bankruptcy is a great way to discharge most of your debt, but did you know that there are some debts that may not be dischargeable under a bankruptcy? It is important to understand what bankruptcy can and cannot do for you so that you are prepared for the realities presented by your bankruptcy filing.

Amerio Law Firm in Sacramento can help you determine whether the debts you have are likely to be dischargeable under bankruptcy. Here are some general guidelines to help you understand what may or may not be discharged under your bankruptcy plan.

  • Taxes may not be discharged under most bankruptcy plans. While there may be some exceptions to this rule, you can expect to pay the full amount of any income taxes or property taxes you owe. However, it may be possible to negotiate a lower payment with the taxation authority if you are forced to file bankruptcy. If you do not pay, the taxation agency will probably file a lien or attempt to seize your property. It is very important to understand the role taxes will play in your overall bankruptcy plan.
  • Student loans may be immune from bankruptcy. It is technically possible for a judge to order a student loan creditor to write off a debt, but this rarely happens. In most cases, you will not be able to discharge student loan debt under a bankruptcy, particularly if that loan is secured by the federal government.
  • Alimony and child support may not be discharged. Most court-ordered payments such as alimony and child support are not dischargeable under bankruptcy, although it may be possible for you to have your payments reduced in a separate petition to the judge who ordered you to make the payments in the first place. As part of your overall bankruptcy strategy, you may want to petition the court to reduce your domestic payments, particularly if you have lost your job or are suffering a serious financial setback.

The attorneys at the Amerio Law Firm in Sacramento have many years of experience in working with all types of bankruptcy situations. Give us a call today to discuss your financial issues and learn how you may be able to benefit from the protections offered by a bankruptcy filing. You may be able to discharge some of your debt, reaffirm other debt and lower your payments and interest rates with some creditors, depending on your circumstances.

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