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If you are contemplating bankruptcy, the most important thing that you can do is understand what is dischargeable. What does dischargeable mean? A dischargeable debt in bankruptcy is a debt that will be forgone once the case is filed and the case is confirmed by the court. For instance, if John’s wages are being garnished by his student loan company, then, he will want a discharge of the student loan debt. Unfortunately for John, student loan debt is not dischargeable in a bankruptcy. It will not be foregone. For that reason, he will likely file for a reorganizational bankruptcy under Chapter 13.
From the example above we learn that not all debt is equal. Therefore, one cannot simply think that filing bankruptcy will resolve anything if their objectives are not aligned with bankruptcy law. If your objective is to get debt relief, you have to organize your debts into the following categories:
- Priority debt
- Unsecured debt
- Secured debt
Prior debts include: Student loans, Child Support, Alimony, Tax debt (with some exceptions).
Unsecured debts include: Everything besides Priority debt and there is no collateral.
Secured debt: Anything that is attached to collateral (auto loan is secured to the car; the car is the collateral)
When you speak with somebody at our office, you will be able to understand if you qualify for bankruptcy and to what extent your debts will be discharged.
Bankruptcy Lawyer Alpharetta
