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5 Debts Your Bankruptcy Can't Discharge

If your financial situation isn't where you want it to be, this can cause a lot of stress and problems in your life. One thing you can do to help ease your load and allow you to feel more confident in yourself is to file for bankruptcy. Keep in mind that this is a process that will take a certain amount of time to achieve, and the sooner you get started, the faster you can have success. However, it's important to know that there are several debts that your bankruptcy won't cover and knowing what these are may be helpful to you.

Debt #1: Student loans

Did you have to borrow money to go to college? If so, this was an ideal way to receive an education, but it will be necessary to repay this cash yourself. This is not a loan that will be discharged by filing for bankruptcy.

Debt #2: Income taxes

There's one payment you simply can't get away from in life and this is to the Internal Revenue Service. Your income taxes must be paid in full, and this won't change, no matter your bankruptcy status.

Debt #3: Court-ordered payments

Are you obligated to pay for child support or alimony due to the end of a marriage? If this is the case, you'll have to be sure to thoroughly pay these amounts, or you could end up facing time in jail or paying extra fees.

Debt #4: Previous bankruptcy debts

You can file for bankruptcy more than once, but there is a certain amount of time that must elapse before you can do so again. However, any debt that is still unpaid after the first try won't be paid if you file for this status again. 

Debt #5: Legal debt

If you were at fault for a personal injury and there was a lot of medical debt that the defendant had, this is something you'll have to pay because bankruptcy won't discharge it.

Taking time to learn about all of the aspects of bankruptcy can be helpful to you, especially when you have a lot of loans that need to be paid off in full. You'll want to know the ones that will be let go for your optimal results. Be sure to work with a bankruptcy attorney in your area today to assist you in making this happen and working to eliminate as much debt as possible. To learn more, research your local bankruptcy legal services.