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Comprehending the Need for Debt Discharge

When looking for help with your financial situation, bankruptcy offers that new beginning. It is an excellent option to consider when facing extreme amounts of debt that seems impossible to recover from. At Price Law Group, we understand that things happen to cause financial hardship. You may find yourself drowning in debt due to recent unemployment, as it is on the rise in recent years. In 2011, our nation hit a rate of 5.2 million people who have been out of a job for at least 6 months.

Other times it can be related to a sudden injury or illness that has resulted in medical bills that are threatening to crush your financial stability. There are of course times when irresponsible actions or regrettable decisions have caused need for bankruptcy. Whatever the case may be, federal laws attempt to get you back on your feet using bankruptcy while at the same time appeasing creditors.

Defining the Dismissal of Debts

Pursuing Chapter 7 or Chapter 13 bankruptcy can allow for your debts to be discharged. The entire reason that any individual even files for bankruptcy in the first place is to get rid of the looming debt that is often threatening to take over. Under Chapter 7, almost all of your debts may be let go, while Chapter 13 bankruptcy creates a payment plan that is usually meant to be paid off in increments over three to five years. There are upsides and downsides to both and it depends on the results of a means test to determine which you are eligible for according to your financial standing.

Items Not Dischargeable Under Chapter 7

There are certain types of debts that cannot be dismissed when filing for Chapter 7 bankruptcy. These debts typically involve some sort of government loan or money owed for past offenses committed. This list is not inclusive, but it reveals some of the most common debts, including:

  • Student loans
  • Child support and alimony
  • Taxes and tax liens
  • Debts accrued from committing fraudulent actions, acting on false pretenses or false representation
  • Debts resulting from acts of fraud for embezzlement purposes or larceny
  • Unscheduled debts that did not give creditors time to file proofs of claim
  • Debts to government units for penalties or various fines
  • Debts for judgments from driving under the influence causing wrongful deaths and personal injuries
  • Money owed for criminal offenses causing malicious injury
  • Cooperative association or condominium fees

If you have questions or concerns about some of the categories mentioned, it is always best to ask an attorney who is highly educated in bankruptcy law. Our firm can assist you with filing Chapter 7 bankruptcy and walk you through the steps to help ensure that you get the most debts released as possible.

Items Not Eligible for Discharging Under Chapter 13

Under Chapter 13 bankruptcy, your debts may not be dismissed entirely, but you will be able to pay off your money owed in a timelier manner. There are certain debts that cannot be discharged, including the following:

  • Fines and restitution from criminal offenses
  • Student loans
  • Alimony and child support
  • Various taxes that included fraudulent activity in your tax returns, withholding taxes or tax evasion
  • Fraud induced debts
  • Any debts accrued while working in a fiduciary capacity, committing larceny or embezzlement
  • Unscheduled debts
  • Debts for criminal offenses resulting in willful injury
  • Debts for driving under the influence resulting in wrongful death or personal injuries
  • Any debts gained after your initial filing for bankruptcy
  • Debts that are not able to be discharged under other laws, such as particular health education programs
  • All interest owed on the aforementioned non-dismissed debts

Be sure to contact our office for help with any and all Chapter 13 bankruptcy filing needs. It is critical that you seek a professional lawyer's opinion and assistance before you begin the process of debt dismissal.

Hiring a Knowledgeable Advocate

With over 20 years of experience, Price Law Group is dedicated to bringing you the best results that we can in your bankruptcy case. Whether that means debt consolidation, loan modification or bankruptcy, we seek to provide you with comprehensive legal assistance so that the majority of your debts can be dismissed or at least managed. Please do not hesitate to contact our firm for more information if you are experiencing financial suffering from overwhelming debt. We offer a free initial consultation to get you started on your way towards the freedom you deserve! Call us at our Tempe office location today!

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