What debts are dischargeable in bankruptcy?

In Virginia, debtors filing for bankruptcy may be able to have some of their debts discharged, or forgiven. Debts that are generally dischargeable in bankruptcy in Virginia include: - Credit card debt, medical bills, and personal loans. - Certain taxes, such as income taxes that are at least three years old. - Debts from leases or contracts, such as car loans or rental agreements. - Most forms of unsecured debt, such as payday loans and overdrafts. - Debt from judgments from lawsuits that are more than two years old. However, there are some debts that are not dischargeable in bankruptcy. These include child support, alimony, and student loans. In some cases, taxes may not be dischargeable, either, if they are less than three years old. Other nondischargeable debts include any debt that is obtained through fraud or embezzlement, court fines, and certain debts to government entities, such as taxes or student loans. In order to determine which debts are dischargeable in bankruptcy, it is important to consult with an experienced bankruptcy attorney. An attorney can review your situation and help you understand which debts you may be able to discharge in bankruptcy.

Related FAQs

Are there any exceptions to the automatic stay issued when filing for bankruptcy?
Can I get a loan after filing for bankruptcy?
What are some of the long-term effects of filing for bankruptcy?
What is the difference between a Chapter 11 and a Chapter 13 bankruptcy?
What are the restrictions for filing for bankruptcy?
Are there any assets that I will be required to sell when filing for bankruptcy?
Do I need to list all of my debts when filing for bankruptcy?
What is an adversary proceeding?
Are there restrictions on my ability to travel while filing for bankruptcy?
Which debts cannot be discharged in bankruptcy?

What debts are dischargeable in bankruptcy?

Related FAQs

Related Blog Posts