Bankruptcy removes most unsecured debts. Unsecured debts are debts where there is no collateral. They can include credit cards, medical bills, broken leases, signature loans, etc. Secured debts are debts where there is collateral, such as a house loan or a car loan. Bankruptcy does not remove these debts, unless I am willing to give up the collateral (house or car). In this case, any difference between what is owed and what the collateral is worth will be discharged in the bankruptcy and will no longer be responsible for it. However, if I wish to keep the house, car, or any other secured item, must keep making the payments on it.
WHAT YOU NEED TO KNOW
There are certain unsecured debts that are not discharged by bankruptcy. Some examples follow:
Child Support, Alimony, or other debts ordered to be paid through a divorce. Fines and Restitution. Student Loans.Some Tax Debts. Debts where someone is suing me from a car accident case that I caused if (1) you were intoxicated or under the influence of drugs and (2) Bodily injuries resulted to the other person.Credit Card Abuse. This involves "running up" a credit card with large amounts just prior to the bankruptcy. Intentional injury to someone else. For example, if I assaulted someone. Debts involving fraud. One example might be where I sold some valuable assets that were supposed to be collateral for a loan and did not pay the money to the lien holder. Debts from paying non-dischargeable debts, such as paying taxes on a credit card.
|TIPS BEFORE FILING BANKRUPTCY|
The main thing to do, until we need more information of documents from you, is to save any and all financial paperwork that we may need - especially Pay Stubs. Other examples include tax returns, bank statements, and bills or letters you get from creditors. Also, stay in contact with our office. Especially, keeping us informed of any changes in residence and phone numbers.
The filing fees for bankruptcy petitions are as follows:
We offer reasonable fees and even payment plans.
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