When it comes to dealing with a serious lack of income, you may need to consider filing for bankruptcy. This can allow a great deal of your debt to be paid and allow you to have the peace of mind you need. However, if you're successful at bankruptcy, you should be aware there are many things that this legal status will not cover. Being aware of what debt won't be paid may be helpful to you.
Student loans
If you borrowed money to go to college, you will have to pay this back. This loan won't be forgiven and you should always count on making your student loan payments as planned.
Child support or alimony
When the court orders you to pay to you child or spouse after a marriage ends, you will have to do so. Of course, these amounts vary greatly and are typically dependent on your income, but there is simply no way to get out of making these monthly payments.
Income taxes
It's necessary to file your income taxes annually to determine the amount you will need to pay on the money you've made. It's ideal to rely on a professional in this area to do this for you if possible.
This can help you get the necessary amount of deductions that can allow you to save money and pay fewer taxes. However, you will need to pay these because you won't be capable of getting these dismissed if your bankruptcy is successful
Property liens
Being a homeowner can bring you a great deal of pride and allow you to feel secure that you have a place to live. It's likely you may have taken out a mortgage loan to buy your home.
You should keep in mind that home loans won't be dismissed in a bankruptcy. You will need to make these payments as scheduled each month to potentially avoid a foreclosure and be able to remain in your home without issues.
Knowing the things that bankruptcy won't pay can be helpful for you. This can enable you to be prepared for this time and help you determine the things that will be left for you to pay. This can be a complex process and it's in your best interest to consult with a professional in this area to get the help you need. Be sure to rely on the expertise offered by a bankruptcy attorney near you today.
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