Debts Forgiven in Bankruptcy
While many debts forgiven in bankruptcy are discharged or restructured when you file for Oklahoma bankruptcy, there are some that you will have to continue to pay in full. This is in addition to any
The courts look sternly on child support, both in arrears and going forward and are not debts forgiven in bankruptcy. Family support is looked upon as a top priority and no matter how favorably other debts are settled, you will have to get current and then continue to pay your agreed-upon child support payments.
Another debt that you must pay in full is a debt you’re paying to settle a personal injury or death case caused by your driving while intoxicated conviction. You can not get out of having to pay the victims the amount of any settlement or judgement nor any financing you’ve taken on to pay them.
Another very common form of debt that is not dischargeable in bankruptcy is your student loan. In 2005, banks started to make government guaranteed student loans. The loan could be made regardless of a student’s credit-worthiness and the government would back them up if the borrower could not repay the loan. In return, student loans would no longer qualify as a dischargeable debt, and would not qualify for bankruptcy protection. You’ll have to pay your student loan in full.
These are only three of many other debts that are non-dischargeable as a result of bankruptcy proceedings. Any debts you incurred in anticipation of filing for bankruptcy, i.e. within 60 days of filing, for luxury goods and services, or any loans you take out within that time period will not be exempt.
The bottom line is that bankruptcy laws in Oklahoma are designed to help you to manage your debts if you have gotten in over your head in consumer-oriented or business financing. This means that many debts are forgiven in bankruptcy but not all debts. For additional information about bankruptcy and how to stop creditor calls contact Charles Kania at Kania Law and get a free bankruptcy consultation.
Tulsa Bankruptcy Attorneys Discuss Debts Forgiven in Bankruptcy
http://www.kanialaw.com/tulsa-bankruptcy-lawyers-in-oklahoma/debts-forgiven-in-bankruptcy.htm
