Filing for bankruptcy can open up the door to financial freedom as it gives you the opportunity to pay back the debt owed under terms that make it easier for you or alleviate you from having to pay it back at all. There are many things bankruptcy can do for you as well as some things it cannot. While it is important to be aware of both, we are going to provide a breakdown below of some of the things you shouldn’t rely on bankruptcy to do.
- Alleviate you from having to pay child support and alimony- While bankruptcy can rid you of having to pay back some of those creditors who continuously pursue you for the debt owed, you aren’t going to get off the hook for child support or alimony. And if you are behind on it, don’t expect the bankruptcy to reduce your consequences for not paying.
- Eliminate student loans- If you are behind on student loans or haven’t been keeping up with any of your payments, bankruptcy may not wipe this debt off your record. While one of our NY bankruptcy attorneys might be able to help you get this debt discharged, it isn’t going to be easy.
- Bankruptcy won’t discharge debts such as those incurred from breaking the law- Let’s say you were arrested and were required to pay certain fines and fees for the conviction. These debts are considered nondischargeable, which means your bankruptcy isn’t going to wipe them out. They will still be required to be paid but it might be easier for you if other debt you owe is cleared from your name.
- If you owe money to the IRS, more than likely you will have to pay it back. Under certain circumstances will you qualify for this debt to be discharged, however, you will want a New York bankruptcy lawyer assisting you in getting this granted.
Some things you should consider before filing for bankruptcy is determining which chapter is best for you. You need to become aware of the pros and cons that bankruptcy carries along with it as well as what the process entails so you can be better prepared for it. Our bankruptcy attorneys in New York handle bankruptcy cases all the time which means they possess the knowledge and experience to help get you through yours.
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Something else you need to be cognizant of is whether or not you qualify to file for bankruptcy. The Courts aren’t going to award everyone who files for this financial relief and you must meet certain criteria before you can actually declare bankruptcy. To learn more about the process, the different types of chapters, and whether or not you qualify, you are going to want to consult with a local bankruptcy lawyer in your city first.
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