While most of the debts can be discharged through bankruptcy, certain debts cannot be discharged via bankruptcy:
– court fines and penalties imposed for violating the law, such as criminal court fines and criminal restitution;
– debts you forget to list in your bankruptcy papers, unless the creditor learns of your bankruptcy case or the creditor could no longer file a claim after learning of the bankruptcy;
– student loans, unless it would be an undue hardship for you to repay;
– child support and alimony;
Under any bankruptcy chapter, once the bankruptcy case ends, most borrowers are discharged from, their former liabilities. In other words, courts excuses such borrowers from having to repay most of the debts. The borrowers then start over again with substantially clean financial slates, except that a record of the bankruptcies will generally remain on their credit records for ten years. The bankruptcy court entries a discharge order relatively early in most chapter 7 cases, unusually from four to six months after you file your petition. In chapter 13 cases, you make full or partial payment to creditors under a court confirmed plan over a period of time,which can be as long as five years, and then receive a discharge. Under the new law, debtors cannot obtain a discharge under Chapter 7 or 13 until they have taken an approved course in personal financial management.
– many property settlement obligations from a divorce or separation including past due amounts.
fraudulent debts (last-minute credit binges and/or cash advances);
– debts for personal injury or death caused by your intoxicated driving; and
– recent income tax debts and most other tax debts.