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Will I be debt-free after filing Chapter 7 bankruptcy?

The short answer to the question posed in the headline of this post is: not necessarily. This can be frustrating for people looking for a simple "yes" or "no," but the fact is some people can have all their debt discharged in bankruptcy while others cannot.

The reason for this is that there are different types and sources of debt. You will have to disclose each of these debts in your bankruptcy filing, and then the courts will determine which ones can be discharged and which ones will remain after bankruptcy. Even if you file for Chapter 7 bankruptcy, which is a very aggressive solution, there are debts for which you may still be liable.

As explained in this United States Courts article, debts that may not be discharged through bankruptcy typically include:

  • Student loan debts
  • Tax claims
  • Spousal or child support obligations
  • Civil liabilities stemming from a DUI case
  • Civil liabilities stemming from a personal injury or property damage claim
  • Certain housing fees

It should be noted that this is not a fixed list of non-dischargeable debts. There are exceptions that can lead to discharge of these debts, as well as other debts that the courts may decide not to discharge.

The good news is that even if you have debt remaining after bankruptcy, you can find it much easier to pay it off when you are no longer obligated to pay off other debts.

To know for sure which debts you may be left with, you can consult an attorney. Getting an accurate picture of what you can expect from various debt relief options, including bankruptcy, can be crucial in determining what you need to do to address and resolve your debt problems. With this information and the guidance of your attorney, you can work toward a better financial future.

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