Bankruptcy And Types Of Debt

It is possible to discharge through the Chapter 7 bankruptcy process. However, this only applies to debts arising before the date of your bankruptcy filing. Having an experienced bankruptcy attorney on your side is invaluable to determine which debts are dischargeable.

Purrazzella & Purrazzella, P.A., in Toms River, brings over 30 years of experience to this area of law. We understand the kinds of debts you can discharge. When working with you, we will pay specific attention to your circumstances in making certain to not overlook any dischargeable debt.

What Kinds Of Debt Can Be Discharged Through Bankruptcy?

It may surprise you that you can discharge most types of debt through the bankruptcy process. Discharge can include credit card and late payment fees, medical bills, and personal loans. You can discharge past due amounts for utility bills. You may be able to discharge car accident claims involving property damage unless the damage involves a drunk driving incident. Business debts are also dischargeable.

Some surprising debts dischargeable through bankruptcy include money owed under lease agreements that include past due rent; civil court judgments (unless the judgment concerns fraud); certain tax penalties and debt occurring a specified number of years ago; and veterans assistance loans.

When you discuss your financial situation with us, we will question you concerning all of your debt. We do this to make certain no dischargeable debt is overlooked.

What Kinds Of Debt Cannot Be Discharged?

Unfortunately, not all debt is dischargeable through the Chapter 7 process. Examples of debt that may be nondischargeable include:

  • A variety of tax debts
  • Debts due to fraud
  • Debts not listed on bankruptcy schedules filed with the court
  • Child support and alimony payments
  • Debts due to personal injuries to others
  • Government fines and penalties
  • Student loans
  • Debts regarding tax-advantaged retirement plans
  • Debts for specific condominium or cooperative housing fees

It is important to understand which debts are dischargeable before filing for bankruptcy. Our bankruptcy lawyers will guide you through the process and help you understand what bankruptcy can do for you.

Learn About Your Debt Relief Options

To contact Purrazzella & Purrazzella, P.A., to learn about all of your bankruptcy options, please call 732-691-4589 to set up an initial consultation. We provide representation in Monmouth and Ocean counties as well as other areas in New Jersey.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.