What debts are dischargeable in bankruptcy?

In Mississippi, debts that are eligible to be discharged in bankruptcy include most unsecured debts. Unsecured debt does not have any collateral attached to it and includes things like credit cards, medical bills, payday loans, personal loans, and utility bills. Secured debt, which is debt that is backed by collateral (such as a car loan or mortgage) and can be taken away from the debtor, is not eligible. In addition to unsecured debts, certain types of tax debt and student loans are also able to be discharged in bankruptcy in Mississippi. Fees and fines that are related to criminal or civil court cases can also sometimes be discharged. Finally, debts that are considered to be legally discharged in Mississippi bankruptcy also include any debts that have been deemed invalid by the court, such as credit card debt that was earned through fraud, or any debts that have exceeded the state statute of limitations. In general, debts that are eligible to be discharged in Mississippi bankruptcy are those that are considered unsecured, certain types of tax debt, student loans, court-related fees and fines, fraudulent debt, and debt that has exceeded the statute of limitations. It is important to consult an attorney to make sure all of your debts are eligible to be discharged in bankruptcy.

Related FAQs

What are some of the potential pitfalls to filing for bankruptcy?
How long will a bankruptcy stay on my credit report?
Can I file for bankruptcy to stop creditor harassment?
Does bankruptcy eliminate liens?
Are there any limits to my spending during the bankruptcy process?
What is the role of the bankruptcy judge?
What type of information will I need to provide to my attorney before filing for bankruptcy?
How will filing for bankruptcy affect my credit score?
Are there any assets that I cannot keep after filing for bankruptcy?
Do I have to pay taxes on any discharged debt?

What debts are dischargeable in bankruptcy?

Related FAQs

Related Blog Posts