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Posted On: March 23, 2011 by Scott Sagaria

What Debts Disappear With Personal Bankruptcy

When you file for personal bankruptcy, some or all of your debts may disappear. However, it depends on the type of bankruptcy you're filing and the debts you owe. 

For a chapter 7 bankruptcy, you'll liquidate all of your assets and use the money to pay off debts you owe. The court will determine who gets what. After that, you're free and clear on most debts. Chapter 13 bankruptcy doesn't take away things you own. Instead, it spells out a repayment plan for your creditors over a certain period of time. While all your debts may not disappear, they can be considerably reduced. You probably won't need to file for a chapter 11 bankruptcy because it's mostly designed for businesses to become profitable again. 

There are some types of debts that personal bankruptcy won't forgive. Although it depends on your state laws, child support and student loan payments are some of the most difficult debts to get forgiven. If you're at all able to pay these, you're most likely not going to get off the hook. 

So, there you have it. The debts that disappear from a bankruptcy depend on the type you're filing. Using a chapter 7 will make your debts disappear, but you'll also give up your assets. Chapter 13 won't take your things, but your debts won't completely go away either.

If you have a question regarding Bankruptcy in San Francisco please contact us at 1800.941.6730 and we can connect you with one of our experienced California Bankruptcy Attorneys . Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping , a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

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Posted In: Consumers & Debt

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At Sagaria Law, PC we want to guide you on the path to financial freedom and realize this is not an easy task for most. We respect your devotion to better your circumstances even with financial hardship and thus are willing to guarantee that if you retain us, we will do everything we can, legally and ethically, to help you become debt-free.

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The Sagaria law guarantee covers everything that a bankruptcy law firm produces in order to successfully complete a bankruptcy filing. We guarantee that it will be done in a manner that is accepted for filing with the bankruptcy clerk's office.

There may be reasons beyond our control that may cause a case to be dismissed. Therefore, the 100% Money-Back Guarantee does not guarantee;

  1. That you will receive a discharge.
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