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Chapter 7: Some debts can't be discharged

Current financial and economic data shows that the country is in overall good shape. That doesn't necessarily mean that every individual Tennessee resident has full protection against financial crisis, however. In fact, you've likely encountered numerous financial challenges in the past. Perhaps, you're even facing one now that has turned into a serious problem.

There's a global economy, a national economy and there's also your own personal economy, which may greatly fluctuate, depending on various issues in your life. If you are currently struggling in such a way that warrants exploring debt relief options, there's a few things you'll want to keep in mind, especially regarding Chapter 7 bankruptcy. 

Non-dischargeable debts

Filing for Chapter 7 bankruptcy may be a viable option for you if you need a way to obtain immediate debt relief. There are certain eligibility qualifications you must meet before applying. It's also important to remember that you can't discharge certain types of debt through this type of bankruptcy. The following list provides a brief explanation on several key issues:

  • If you took out a student loan to attend a college or university, you may incur a substantial amount of debt. However, this type of debt is not dischargeable through a Chapter 7 bankruptcy.
  • If you were recently divorced, you may be among many other divorced Tennessee residents who pay child support or alimony. As such, you'll want to remember that this is another type of debt you cannot discharge through a Chapter 7 bankruptcy.
  • Back taxes are typically not dischargeable through Chapter 7 either. In some cases, certain exceptions may apply.
  • If you're seeking bankruptcy to discharge a particular debt, first make sure you are the one who is liable for it. Some people have listed certain debts on bankruptcy applications only to discover that someone else, such as a former spouse, owed the debt.
  • Incurring a lot of new charges against a credit card right before you file for bankruptcy isn't a good idea. You might be disappointed if you later learn that you can't discharge the debts as part of your application.

If you have questions about a home mortgage or other types of debt in conjunction with filing for Chapter 7 bankruptcy, it's always best to speak with someone well-versed in Tennessee bankruptcy laws before taking any formal action to file an application.

The good news is that most financial crises are temporary. A key to restoring financial stability is to learn as much as you can about what options might be available to you given your specific set of circumstances.

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Rothschild & Ausbrooks, PLLC
1222 16th Avenue South, Suite 12
Nashville, TN 37212

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