What debt cannot be discharged by bankruptcy?

Answer 1

All unsecured Debt may be discharged in chapter 7,(credit cards, personal loans, and others) secured debts (such as car loans and mortgage), and other assets will be taken by the estate, and will be used to repay the creditors, it is very important that you discuss this with your attorney if you are planning to keep your house or car, taxes owed, student loans will not be discharged...

While virtually all debts MUST be included in your bankruptcy, (it is not a matter of picking and chosing..all must be included), some debts cannot be discharged, just like all assets MUST be listed but not all may be taken.

Most noteably: Debts for gov't insured student loans and past and future child support are not dischargeable.

Many assets like retirement accounts, household goods, a reasonable car, are not able to be used to satisfy debts.

Answer 2

Q: Are all of the debtor's debts discharged, or only some?

A: Not all debts are discharged. The debts discharged vary under each chapter of the Bankruptcy Code. The Code specifically excepts various categories of debts from the discharge granted to individual debtors. Therefore, the debtor must still repay those debts after bankruptcy. Congress has determined that these types of debts are not dischargeable for public policy reasons (based either on the nature of the debt or the fact that the debts were incurred due to improper behavior of the debtor, such as the debtor's drunken driving).

There are 19 categories of debt excepted from discharge under chapters 7, 11, and 12. A more limited list of exceptions applies to cases under chapter 13. The most common types of nondischargeable debts are

• Certain types of tax claims,
• Debts not set forth by the debtor on the lists and schedules the debtor must file with the court,
• Debts for spousal or child support or alimony,
• Debts for willful and malicious injuries to person or property,
• Debts to governmental units for fines and penalties,
• Debts for most government funded or guaranteed educational loans or benefit overpayments,
• Debts for personal injury caused by the debtor's operation of a motor vehicle while intoxicated,
• Debts owed to certain tax-advantaged retirement plans, and
• Debts for certain condominium or cooperative housing fees.

Wanna know more? Go here:

http://bankruptcy.findlaw.com/bankruptcy/is-bankruptcy-right/debt-discharge-faq.html