What kinds of debts does Bankruptcy eliminate?
A Chapter 7 Bankruptcy will eliminate most all unsecured debts (credit cards, loans) but not secured debts such as your car or home. To keep your car and home, payments must kept current. In a Chapter 13 case you pay all or only a portion of your debts, depending on how much disposable income you have each month.
A Chapter 7 Bankruptcy will eliminate most all unsecured debts (credit cards, loans) but not secured debts such as your car or home; child support/alimony, payroll taxes, student loans, recent or unfiled income taxes, etc.. To keep your car and home, payments must kept current. In a Chapter 13 case you pay all or only a portion of your debts, depending on how much disposable income you have each month and how much nonexempt property you have.
A Chapter 7 Bankruptcy will eliminate most all unsecured debts (credit cards, loans, doctor bills) but not secured debts such as your car or home. To keep your car and home, payments must kept current. In a Chapter 13 case you pay all or only a portion of your debts, depending on how much disposable income you have each month.
