Which Debts Can I Erase Through Bankruptcy?

When most people think of bankruptcy, they think of a process that allows someone to cancel existing debts and start again, debt-free. In many cases, this is quite true. The bankruptcy process in Virginia can offer many options for erasing financial obligations and finding hope again.

I am lawyer Wilson C. Pasley, and I help individuals and families in Roanoke and across the surrounding areas take advantage of their legal debt relief options. Let me help you, too.

Six Common Debts That Can Be Discharged

If you file Chapter 7 bankruptcy, you can usually discharge or erase most unsecured debts. Here are six of the most common ones:

  • Credit card debt
  • Medical debt
  • Deficiencies on houses that were foreclosed on
  • Deficiencies on vehicles that were repossessed
  • Judgments
  • Cash advance loans/payday loans

Three Common Debts That Typically Can't Be Discharged

Except on rare occasions, certain debts can't be erased through bankruptcy. Three of the most common ones are:

  • Federal and state tax debt
  • Student loans
  • Child support and spousal support arrears

It's important to note that even if you can't discharge a certain debt, such as a college loan, filing bankruptcy may still be beneficial. By erasing all the debts that you can, such as medical bills and credit card bills, you may be able to fit the student loan payments into your budget again.

Talk With Me, Attorney Wilson C. Pasley, One On One Today

Call my Roanoke office at 540-627-5026 or contact me online to set up an initial consultation about your needs and goals. I look forward to talking with you today.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.