Austin Chapter 13 Dischargeable and Non-Dischargeable Debts
One of the strongest attractions of filing for bankruptcy is having some of your debts discharged. Some may be fully discharged, meaning they will be completely waived, or partially discharged, meaning you will only have to repay them in part. However, some debts are considered non-dischargeable, meaning you will still be held responsible for repaying them.
Before you begin the process of filing for an Austin chapter 13 bankruptcy, you need a clear understanding of the debts you will still need to repay. If you have any questions about your financial situation, Austin Chapter 13 bankruptcy lawyers Slater, Kennon & Jameson, LLP, can answer them. Call us today at 512-338-1100.
Dischargeable Debts
Dischargeable debts are also known as non-secured debts. When you incurred them, you did not sign any statement giving your creditors permission to take action against you if they were not repaid. The most common examples of dischargeable debts include:
- Credit card debts
- Personal loans
- Income taxes over 3 years old, if the judge approves
- Collateral on certain kinds of loans (also known as guaranties)
- Certain legal settlements
Non-Dischargeable Debts
Non-dischargeable debts are also known as secured debts, because these creditors have the right to pursue legal action against you if they are not repaid. The most common examples of non-dischargeable debts are:
- Child support or alimony payments
- Student loans
- Legal fines
- Taxes
- Settlements related to certain crimes, such as drunk driving
The debts that are discharged can depend on your individual circumstances. You need to be in touch with an Austin Chapter 13 bankruptcy attorney who can inform of the nature of your debts and your chances of getting them discharged.
Contact Us
Filing for bankruptcy without legal representation is very difficult and can negatively affect your chances of getting a fair outcome. Contact experienced Austin Chapter 13 bankruptcy lawyers Slater, Kennon & Jameson, LLP at 512-338-1100.