One of the issues you may face at some point in life is not having enough money to pay your bills. This can cause you a great deal of stress, and you'll want to act fast to get some relief. It's possible that you can file for bankruptcy and eliminate some of the debt you have. However, you'll want to keep in mind that all of your debts may not be discharged. Here are some of the debts that bankruptcy can't cover.
1. Student loans
Do you owe a lot of money to the college where you received an education? If so, you may have a great deal of student loan debt. This can be disturbing, and you'll want to get assistance paying it. However, this isn't a debt that will be discharged by being eligible for bankruptcy.
2. Child support
Having to pay child support after a divorce can be challenging. The court will determine how much support must be paid, and you'll have to make this payment. You may think that you'll be able to reduce your payments or get out of this situation. However, this won't be the case because bankruptcy won't help with this debt.
3. Personal injury
Have you been part of a lawsuit and be ordered to pay a certain amount to the defendant? If so, you'll want to be sure to pay this to avoid more financial issues and even facing penalties in the long run that may be steep.
Personal injury payments won't be affected by your bankruptcy, and there won't be any payment made for these. However, you may be able to work out an installment plan to assist in getting these payments to the defendant.
4. Income taxes
You'll be required to pay a certain amount of money each to the Internal Revenue Service (IRS). You'll want to be on time with each of your payments because this is required by law. However, if you're hoping for your bankruptcy to assist you with this account, it won't.
Working closely with a legal consultant to learn about filing for bankruptcy can be very helpful for most people. This is a legal process that can do a lot of financial good for people that may need it. It's a great idea to hire a bankruptcy attorney to assist you with this process for the best long-term results. Contact a bankruptcy lawyer at a firm like Martinez Law Firm for more information on which debts you can file bankruptcy for.Share