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What can be discharged via Chapter 13 bankruptcy?


Sudden life changes can throw an individual into unexpected financial challenges. The sudden loss of a job, the onset of a medical condition, and even divorce can leave one facing massive debt and income shortfalls. During these times, individuals may turn to credit cards to get by, which can exacerbate the issue. When the debt becomes so overwhelming that an individual is unable to make his or her payments, it may be time to consider debt relief options, including bankruptcy.

One of the bankruptcy options available to individuals is Chapter 13. Under Chapter 13 bankruptcy, the debtor develops a plan to pay back creditors over a number of years. These bankruptcy plans often allow these debtors to reduce their minimum payments and keep their assets. However, those who are unable to meet the obligations outlined in the plan may be forced to convert their bankruptcy into a Chapter 7 bankruptcy, which means that the debtor must liquidate his or her assets.

However, if a Chapter 13 bankruptcy plan is successfully completed, debt discharge may occur. It is important to note, though, that not all debts are dischargeable through Chapter 13 bankruptcy. For example, even a successfully completed Chapter 13 bankruptcy plan cannot lead to the forgiveness of child support, alimony, some tax, and some lawsuit debts. Knowing this could change an individual's assessment of whether filing for Chapter 13 is best for him or her.

The bankruptcy process can be fraught with legal challenges, which is understandable because creditors want to recover as much money as they can from their debtors. Therefore, people in the Tyler area who are considering this debt relief option may want to consult with a bankruptcy attorney to ensure their claim is as fail-proof as possible.

Source: US Courts, "Chapter 13 Bankruptcy Basics," accessed on April 15, 2017

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