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Bankruptcy Law

What Does a Forgiven Bankruptcy Mean?

Bankruptcy Law A forgiven bankruptcy means that the debtor's debts have been discharged (forgiven).  Credit card accounts and medical bills are types of debt that are forgiven in bankruptcy.  Unfortunately, not all debts are forgiven in bankruptcy, including the following:

·      Debts that aren't listed on your bankruptcy petition - If you do not list a debt, it cannot be discharged;

·      Taxes - Any Federal, state or municipal taxes that were due within the last three years;

·      Divorce and property settlements - Not dischargeable unless the other party agrees;

·      Court-ordered alimony and child support payments - Not dischargeable, even if the other party agrees; 

·      Dischargeable debt you incurred to pay off non-dischargeable debt -- For example, you cannot take a cash advance on a credit card to pay off last year's taxes, just so you can write it off in bankruptcy;

·      Criminal fines and debts - All court fees and court-ordered judgments related to any criminal activity cannot be discharged - neither can any judgments or debts incurred as a result of personal injury or death to others caused by your own negligence or criminal activity;

·      Student Loans - that have been in repayment status for at least seven years.  Although there is a general policy not to discharge student loan debt, in some extremely rare circumstances, older student loans can be discharged, particularly if a hardship condition exists;

·      Fraudulent debts -- Any debt that the court finds was obtained fraudulently or illegally will not be discharged.  For example, if you ran up debt on a credit card shortly before filing bankruptcy (within 60 to 90 days of filing), the court will refuse to discharge that debt.  In addition, if you lied on a loan application to obtain funds -- that related debt will not be forgiven in bankruptcy;

If you are considering bankruptcy and are unsure of what debts can be forgiven, we can help!Contact us online or call The Law Offices of Jacoby & Jacoby at 631-289-4600 to schedule a FREE consultation to discuss your individual situation and all of your options.

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