What type of debts are usually dischargeable in bankruptcy?

Answer 1

credit card debt

Answer 2

After a bankruptcy order is made the official receiver becomes the receiver and manager of the bankrupt's estate. The estate is administered by a trustee in bankruptcy who may be either a qualified insolvency practitioner or the official receiver. On his appointment the debtor's estate vests automatically in the trustee who is then responsible for the administration of the estate. The estate is made up of all of the bankrupt's assets and the bankrupt is usually automatically discharged after three years except in certain circumstances. Exemptions under Federal law, which may change a little in State applications by the Federal BK Court you file in:

Personal and Real Property:

(1) Household: Up to $425.00 per item not to exceed a total of $8,625.00 (includes animals, appliances, books, crops, furnishings, household goods, clothing, Musical Instruments)

(2) Jewelry: Up to $1,075.00

(3) Vehicles: Up to $2,575.00

(4) Work tools (implements, books and tools of trade): Up to $1,625.00

(5) Health aides (wheelchair, etc.): Unlimited

(6) Burial plot: Up to $16,500.00 (in lieu of real estate exemption)

(7) Real estate (house, co-op or mobile home): Up to $16,150.00

(8) Any property: Up to $8,075.00 of unused portion of real estate exemption

Wages, Pensions, Recoveries and Benefits:

(1) Wages: None

(2) Wrongful death funds: Amount needed for support

(3) Personal injury funds: Up to $16,500.00 (excluding that for pain and suffering or pecuniary loss)

(4) Lost earnings payments: Unlimited amount

(5) Retirement benefits: Amount needed for support

(6) Alimony / child support: Amount needed for support

(7) Unemployment compensation: Unlimited amount

(8) Veterans benefits: Unlimited amount

(9) Social security benefits: Unlimited amount

(10) Public assistance: Unlimited amount

(11) Crime victims compensation: Unlimited amount

Insurance:

(1) Disability: Unlimited amount

(2) Unemployment benefits: Unlimited amount

(3) Unmatured life insurance: Unlimited amount

(4) Life insurance policy loan value, dividends or interest: Up to $8,625

(5) Life insurance proceeds: Amount needed for support

If you're doing a Chapter 7 bankruptcy, you can't discharge: * Taxes and tax liens * Student loans * Domestic support obligations (child support and alimony) * Luxury goods over $500 purchased within 90 days of filing * Fines or penalties of government agencies * Cash advances of more than $750 taken within 70 days of filing * Fraudulent debts * Willful or malicious injury to another * Death or personal injury from the operation of a motor vehicle, aircraft or vessel while intoxicated * Condominium or cooperative association fees * Debts not listed on your schedules Debts arising from fraud or maliciousness are not automatically excepted from discharge. The creditor must make a request to the court to except these types of obligations; otherwise they will be discharged.

Answer 3

It is almost easier to pick those that can't be: Child support, gov't backed student loans, fines/penalties. Understanding that almost all your assets, except for the very personal ones, business tools, retirement accounts are taken to satisfy debts..distributed in priority of their claim, before discharge.

Answer 4

I researched the internet on your behalf and found a US web site that appears to address your question. The link to the web site is called Bankruptcy Questions and Answers - Debt Resolutionand is displayed directly below this window.

Answer 5

Its probably easier to address which AREN'T, (generally): Child Support, Penalties and Fines, Student Loans (and most government insured loans). The list of assets that can't be sed is also short...and something like taxes get priority, so while it may be discharged, it gets paid before others, and of course, secured loans have first call on the equity to the proerty they are secured by.

Answer 6

It's probably easier to list what can't be discharged. In the two types of personal bankruptcy here is a list of what cannot be discharged:

In a Chapter 7 case, the most common types of debts that can't be discharged are:

• Taxes and tax liens
• Student loans
• Alimony and child support (domestic support obligations)
• Debts obtained through fraud, false pretenses or false representation
• Debts you failed to schedule in time to allow creditors to file proofs of claim (unscheduled debts)
• Debts for fraud while you were acting in a fiduciary capacity, or for embezzlement or larceny
• Debts for willful and malicious injury
• Debts for fines or penalties to governmental units
• Debts for judgments in wrongful death or personal injury lawsuits resulting from motor vehicle, vessel or aircraft accidents while you were intoxicated
• Condominium or cooperative association fees or assessments

If your bankruptcy case is under Chapter 13, you won't be discharged from the following types of debts:

• Child support and alimony (domestic support obligations)
• Student loans
• Fines and restitution
• Certain taxes, such as withholding taxes if you had employees, or taxes connected to fraudulent tax returns or tax evasion
• Debts incurred through fraud
• Debts for fraud while you were acting in a fiduciary capacity, or for embezzlement or larceny
• Debts for willful and malicious injury
• Judgments in wrongful death or personal injury cases arising from your intoxication
• Unscheduled debts
• Debts incurred after filing your case, which weren't included in your Chapter 13 plan
• Debts that are nondischargeable under other laws, for example amounts owed for certain health education programs
• Interest owed on nondischargeable debts

Answer 7

A car loan