Eliminating Debt Through Bankruptcy
Not all debt is erased when you file for personal bankruptcy. But those debts that are dischargeable will lighten the burden so that you can afford to pay your remaining obligations.
My law practice, Randolph N. Osherow, P.C., has helped Texas citizens get back on solid financial footing through bankruptcy. Located in San Antonio, I serve individuals and small business owners throughout Bexar County. Contact me today for clarification of dischargeable debts for your specific circumstances and your options for debt relief.
Dischargeable Debts
In a Chapter 7 bankruptcy, you can eliminate most unsecured debts (debts that are not secured by collateral) such as:
- Credit card debt and charge card balances
- Medical bills
- Judgments from lawsuits
- Unsecured loans
However, you cannot run up your credit cards or take cash advances in the months before filing. Any debt of that nature will make bankruptcy difficult or impossible.
Mortgage arrears are also discharged if you are surrendering the home. If you want to keep your house, you can file Chapter 13 bankruptcy to repay the past due mortgage over time.
Non-Dischargeable Debts
In general, you cannot discharge:
- Student loans
- Child support obligations
- Criminal fines or restitution orders
The debts of collateralized loans, such as homes, cars, boats and furniture are generally discharged; however, if you wish to keep these items you must continue to make payments on them.
Taxes in Bankruptcy
Generally, you are still on the hook for recent taxes owed to the IRS or State of Texas. However, some back taxes are dischargeable generally if your return was filed on time and over three years have passed. These are case-specific — I am an experienced attorney who can help determine if you are eligible for forgiveness of past taxes.
I have practiced as a bankruptcy lawyer for 25 years in Texas. I also have extensive experience as a bankruptcy trustee, so I know what will work. My sophisticated understanding of dischargeable debts enables my clients to take maximum advantage of this chance for a fresh start.
Call my San Antonio office at 888-846-5141 to arrange a free, confidential consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
