Bankruptcy Exemptions: Discharging Your Debts in Bankruptcy
New York City and Long Island Bankruptcy Lawyers
Discharging debts means eliminating debts. When a debt is discharged in bankruptcy, the debtor is completely released from all responsibility to pay this debt. This is accomplished by the Bankruptcy Court issuing an order that stops creditors collection agencies and collection lawyers from taking any action to hold the debtor responsible for his or her debts.
The day the bankruptcy is filed the Bankruptcy Court issues an automatic stay which freezes all debt collection activity. At the end of the bankruptcy process the freeze turns into a discharge and the debtor is relieved of all responsibility for repayment of debts.
The Types of Debts That Are Dischargeable
There are numerous types of debts that a debtor can discharge (eliminate) by filing a bankruptcy. The following is a list of the most commonly dischargeable debts:
- Personal Loans
- Department store credit cards
- MasterCard and Visa cards
- American Express Cards
- Doctors bills
- Dental bills
- Certain tax debts
- Utility bills
- Cell phone bills
- Loans and debts owed to friends and relatives
There are a variety of debts that are not generally dischargeable in bankruptcy. The most prominent items that are not dischargeable in bankruptcy are student loans, child support, spousal maintenance (alimony) and some types of taxes.
Relieve From Credit Woes
The filing of a bankruptcy gives you the unique opportunity to eliminate your credit problems and all of your debts! The attorneys at the Law Office of Elliot Schlissel can guide you through the bankruptcy process and see to it that your debts are discharged. Call now for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.