Will bankruptcy get rid of all of my debts?
Chapter 7 bankruptcy wipes out most unsecured debts, but it does not get rid of all of your debts. If you successfully file for Chapter 7 bankruptcy, you will still be responsible for:
- Your most recent back taxes
- Child support
- Most student loans
- Government fines or penalties
- Fraudulent debt
- Recent purchases of luxury goods of more than $550 bought within 90 days of filing for bankruptcy
- Cash advance loans of $825 or more within 70 days of filing for bankruptcy
If you are considering filing bankruptcy, contact the Texas bankruptcy lawyers of Fears | Nachawati for free legal advice. Simply email us or phone us toll free at 1.866.705.7584.