Filing Bankruptcy Soon? Debts That Won't Be Discharged

If you're amid significant financial difficulties, you'll want to reduce your stress. It may be in your best interest to file for bankruptcy to help you do so. This is a process that will require a certain amount of time to achieve. However, you'll want to keep in mind that there are specific debts that won't be discharged even if you're eligible for bankruptcy.

1. Student loans

Do you have several student loans that you're having issues paying? If so, this may cause you a great deal of concern and worry. However, you'll have to find another method for getting these paid off because this debt won't disappear by filing for bankruptcy.

2. Taxes

Money that you owe to the Internal Revenue Service (IRS) must be paid. Regardless of how long you've owed taxes or the amount of this bill, you need to pay it.

Bankruptcy won't eliminate the possibility of discharging any tax amounts that are owed. However, you can opt to pay your income taxes in installments to ease your financial load.

3. Personal injury payments

If you've been involved in a personal injury case and you must pay a settlement, this amount won't be discharged. You'll have to pay the other party what you've been ordered to pay by the court.

You may be able to make a payment arrangement with the other individual involved in the lawsuit, but this is something you'll need to discuss amongst yourselves.

4. Alimony or child support

You'll need to continue paying for any child support or alimony the court has ordered you to pay to your kids or ex-spouse. This amount won't be anything you can get out of paying, and the only way to modify it is through the court.

You may feel that these costs may be too high, so it may be necessary to get an attorney to help you reduce the amount that you have to pay. Doing this can be the key to helping you pay less when it comes to either of these obligations.

Doing all you can to improve your financial status is the key to feeling less stress in several ways. Making the most of your efforts will pay off for you, but there are specific bills that won't be paid. It's a great idea to hire an attorney to assist you during this time to allow you to have success with your bankruptcy. Contact a law firm like the Martinez Law Firm to learn more.