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Among the various chapters of bankruptcy, people prefer to file under Chapter 7. This is because you can eliminate almost all the unsecured debt to lead a debt-free life. However, before you become overjoyed with the idea of getting rid of all your debts, it is important to know that not all debts are discharged, even in Chapter 7 Bankruptcy. Dallas based bankruptcy law firm Recovery Law Group informs you about the different debts which are not discharged in a Chapter 7 bankruptcy:
- Child support and alimony
- Student loan debt
- Debts due to penalties for driving under influence resulting in death or personal injury
- Tax debts and debts incurred due to non-payment of federal taxes
- Any debts incurred due to fraudulent activities
- Debts due to specific fines and penalties
- Any debts which you failed to list in the Chapter 7 form
Before you think of filing for bankruptcy, it is important that you take stock of what type of debts can be discharged and what can’t. This will provide you with an idea of whether filing for bankruptcy under Chapter 7 will be beneficial for you or not. In case, you find that Chapter 7 is your best bet for improving finances, you should seek the counsel of an experienced bankruptcy lawyer. If you wish to consult with bankruptcy lawyers regarding your bankruptcy, call 888-297-6023.