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Will I have remaining debts after my Chapter 7 proceedings?

While Chapter 7 proceedings can discharge all or the majority of your debt in many cases, there are certain types of debt that you will be left with once the process is over. The goal of bankruptcy is to bring you out of the process in a radically better position financially, so that any remaining debt will be extremely easy to manage. However, it is vital for debtors to look carefully at what bankruptcy can do for them before they initiate the proceedings.

Debts that bankruptcy filers will be left with after the conclusion of their proceedings will include money that is owed to local, state and federal tax authorities, government fines and penalties, court fees, most types of student loans and debts that were not included in the initial bankruptcy filing paperwork. Other debts that cannot be absolved through bankruptcy are damages owed as a result of a wrongful death or personal injury lawsuit relating to drunk driving, debts owed to a pension plan, some types of condominium fees, debts created due to fraud and debts that could not be discharged before bankruptcy.

There are few other debts that can't be discharged, but only if the creditor owed the money objects during litigation. Those include debts relating to a willful and malicious act, larceny, embezzlement, breach of fiduciary duty and some kinds of divorce settlements,

The list above is not complete and there are more complexities that may apply to your unique debt scenario. A Pennsylvania bankruptcy attorney can help you understand your scenario better and advise you of an appropriate strategy for resolving the debt you currently have.

Source: FindLaw, "Debts remaining after Chapter 7 discharge," accessed Jan. 15, 2016

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