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Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

What Will I Owe After Bankruptcy?

Posted By admin || 16-Oct-2009

debt and bankruptcy

When a debtor files bankruptcy there are debts that are dischargeable and other debts that cannot be discharged during bankruptcy.

Let's take a look at some of the things you may still need to pay after your bankruptcy discharge:

  • Student Loans - If you file bankruptcy and owe student loans , they will most likely not be discharged in bankruptcy unless you were able to prove that repayment would be an unreasonable burden.
  • Child Support -  Even if child support payments would be a burden to repay, filing bankruptcy will not get rid of them.
  • Certain Tax Obligations - Although taxes can be discharged in bankruptcy , they must meet certain criteria. Since every bankruptcy case is different discuss your tax liabilities with your bankruptcy attorney before filing.
  • Mortgage -  When filing bankruptcy, you may be able to save your home from foreclosure . However you still need to pay the mortgage as agreed to avoid a future foreclosure after your bankruptcy discharge.
  • Car Payment - Like your home, you can often keep your car during a bankruptcy; but you still need to pay the note.  After your bankruptcy discharge, if you decide to keep your car you will be required to pay the note or face repossession .
Categories: Bankruptcy
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