What debts are included in filing bankruptcy?

Answer 1

Basically, most UNsecured types of debts (there are some exceptions I believe, primarilary Student Loans), may be relieved. Compensatingly, most above the basic need assets can be seized and sold to pay as much of the debt as possible. Secured lenders (who frequently have a clause essentially allowing them to do so if you file bankruptcy) may be able to take the item of security. * Basically in a chapter 7, all unsecured debts, credit cards, promissory notes, etc., any debt that does not have collateral attached; judgments such as wage garnishments, liens that have not been perfected, student loans that are not federally funded. Goods purchased on merchant accounts are secured by the item bought this type of debt is usually settled by the debtor paying the depreciation amount. All secured debts (real property), child support arrearages, federally funded student loans, most (not all) tax arrearages, and in some instances spousal support (alimony) cannot be discharged.

Answer 2

You will report all debts. You will report all assets. Some of each MAY be uneffected in the process, but the must be considered in the process. You do NOT pick and chose debts and assets YOU want to be involved.

Answer 3

doctor bills,electric.phone,cable,cell phone,water,gas,oil,credit cards,loans,car that are repo the money left on them, personal people you owe money to , IRS only stops the intrest you can't put student loans on.

Answer 4

There is an excellent book that provides both a thorough perspective and key detail about chapter 7 and chapter 13 bankruptcy: "The New Bankruptcy, will it work for You?" 3rd edition, by Stephen Elias (published in 2009 by Nolo). I found it in the public library for Colorado Springs at 346.078 E42N (Dewey decimal system).