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A Chapter 13 or Chapter 7 Bankruptcy can eliminate many types of debt allowing for a fresh start, but there are certain types of debts that even a bankruptcy cannot eliminate. There are at least 18 categories of debts listed in 11 U.S. Code § 523. These are debts that can follow you to your grave. They are commonly known as non-dischargeable debts. The most common types of debts that survive a bankruptcy are:
1. Student Loans – Americans owe over 1.2 trillion dollars in student loan debt, surpassing credit card and auto loan debt. This is the 2nd most common type of debt behind Residential Mortgage Debt
2. Child Support / Alimony – these types of debts are called Domestic Support Obligations. If you owe child support or separate maintenance, then a bankruptcy will not help you get rid of them.
3. Debts incurred through crime or fraud – it could be a speeding ticket, driving without insurance, expired or suspended license, DUI, or any number of other traffic or criminal fines or fees.
4. Income Taxes – Not all, but most income taxes owed to the IRS or Kansas Department of Revenue are non-dischargeable. Click HERE for more information on tax debts or call a bankruptcy attorney.
If you have Nondischargeable Debts – it’s not the end of the world, but it can have a significant impact on your finances in the future. The best thing to do is to develop a plan on how to deal with these debts down the road.
To learn more about debts that can follow you to the grave, please give us a call at 785-379-3600 for a FREE Consultation over the phone, in person or you can email us now.
Chris W. Steffens, Attorney at Law is a Bankruptcy Lawyer serving Topeka, Lawrence, Overland Park & Kansas City KS. I’ve filed hundreds of cases and spent years honing my practice at one of the largest consumer bankruptcy firms in Kansas. I bring with me my exceptional knowledge and experience and I treat every client with the respect and care they deserve.
Disclaimer: The information you obtain at this site is not legal advice. You should consult an attorney for advice regarding your individual situation. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established. We are a debt relief agency. We are attorneys who file bankruptcy cases.