Dischargeable and Non-Dischargeable Debts
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What You Should Know About Dischargeable and Non-Dischargeable Debts
Bankruptcy is a complicated process only made more difficult by the laws passed in 2005. Once you pass through bankruptcy, the debts you listed on your bankruptcy petition will be considered discharged. Misconceptions still exist regarding debts that are deemed dischargeable and non-dischargeable. You need a knowledgeable attorney who will communicate the facts and protect your rights. You also need an advocate who will focus on providing you peace of mind and ease your stress. That is the level of representation we provide at the law office of Eric Ollason in Tucson, Arizona.
Your Right to Discharge Certain Debts
Dischargeable debts include unsecured credit cards, medical bills and deficiency balances. Some delinquent income tax amounts can be discharged as well. Simply put, if the creditor does not have collateral for the debt, you may be shielded from further action.
Your Options for Handling Secured Debts
At the law office of Eric Ollason, we represent clients who are ready to give up their family home or car as part of their bankruptcy. Those types of secured debts are non-dischargeable under a Chapter 7 bankruptcy. But keeping an expensive, albeit sentimental, asset may only create more financial problems in the future. The stress of the decision is compounded by fear of the bank coming after our client for any balance remaining.
In some cases, state law allows creditors to go after their customers for balances left over on debts such as HELOCs, second mortgages or refinanced mortgages. However, federal bankruptcy laws may also come into play to protect bankruptcy petitioners who owe money on these types of debts.
For more information or to schedule an appointment with an experienced Tucson bankruptcy lawyer regarding your questions about dischargeable and non-dischargeable debts, please contact us.
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