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 »

What types of debt can bankruptcy help get rid of?

Most types of debt can be discharged through filing for bankruptcy. However, there are some types of debt that cannot be eliminated, even if you do file. These types include student loans (unless t... Read More »

What kind of debt can be discharged in bankruptcy?

There are advantages and disadvantages to both Chapter 7 and Chapter 13 bankruptcies. In general, Chapter 13 provides greater protection against creditors, but payments must be made. Chapter 7 allo... Read More »

What Happens to Credit Card Debt in Bankruptcy?

Bankruptcy can serve as a powerful form of debt relief for individuals who can no longer afford growing amounts of debt. What happens to an individual's credit card debt during a bankruptcy depends... Read More »