Maximizing Your Bankruptcy Discharge

What Debts Can Be Discharged in Your Bankruptcy?

Bankruptcy is a one-time opportunity to obtain debt relief and to start fresh with your finances. The first goal is to qualify for Chapter 7 bankruptcy, which erases certain debts. The second goal is to make full use of your bankruptcy.

Hoglund, Chwialkowski & Mrozik, PLLC, has helped thousands of individuals and, couples across Minnesota file for bankruptcy. With 40 years of combined experience, our lawyers know how to get clients qualified for Chapter 7 when less experienced attorneys might file Chapter 13 cases for hese clients. We also know how to maximize the discharge of debt, including taxes and other debts which are not always eligible for discharge.

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Identifying Dischargeable and Non-dischargeable Debts

A Chapter 7 bankruptcy discharges (eliminates) unsecured debts such as:

  • Credit cards and charge cards
  • Medical bills
  • Utility bills (water, electricity, gas, etc.)
  • Unsecured lines of credit (business loans)
  • Unsecured installment loans (personal loans)
  • Many civil judgments
  • Auto loan deficiencies

Chapter 7 also can discharge income taxes if they are at least three years old and if you meet other criteria. We can determine if your IRS or taxes qualify. If your home is surrendered to foreclosure, mortgage arrears can also be discharged.

The following debts, generally speaking, are non-dischargeable:

  • Mortgages, auto loans and other secured debt
  • Child support and alimony, including arrears
  • All property taxes and recent income taxes
  • Student loans
  • Criminal fines or restitution
  • Judgments for causing injury or death

In a Chapter 13 bankruptcy, you repay a portion of debts, but the remainder of unsecured debts is discharged upon successful completion of your plan. Chapter 13 can additionally discharge a second mortgage and a chunk of your remaining car payments under certain circumstances.

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For more bankruptcy discharge information, contact us today to arrange a free consultation with one of our experienced and caring attorneys. By the end of your initial meeting, you will have a reliable picture of which debts can be discharged in your bankruptcy petition.