What type of bankruptcy wipes out all debt?

Answer A Chapter 7 bankruptcy wipes out all debt that is included in the filing and discharged by the court. Certain debts can be kept out of the bankruptcy if, for example, an individual wants to avoid l... Read More »

Top Q&A For: What type of bankruptcy wipes out all debt

In Chapter 7 Bankruptcy can you use the Homestead Federal Bankruptcy Exemption to keep your 120000paid off condominium with a lien against it for an 11000credit card debt in pa?

Your right that PA has no special homestead exemption for BK and you would rely on the Federal one.The lien (the Cr Card one), is essentially the same as a first position mortgage against the prope... Read More »

Bankruptcy & Tax Debt?

Once a taxpayer files for bankruptcy protection, the process for the Internal Revenue Service to collect his tax debt is left to the bankruptcy court and not the IRS. How tax debt is treated will ... Read More »

Joint Debt & Bankruptcy?

A debtor has the option to file bankruptcy independently or to file a joint bankruptcy petition with his spouse. Although the individual may have joint debts discharged through bankruptcy, unless t... Read More »

Can you file bankruptcy on irs debt?

You list the Internal Revenue Service as a creditor in bankruptcy when you owe back taxes. Despite disclosure, IRS debt cannot be discharged in a bankruptcy case and you remain responsible for the ... Read More »