Will bankruptcy discharge the entire amount of debt owed?

In Oklahoma, bankruptcy does not automatically discharge all debt owed. Bankruptcy can help reduce the amount of debt you owe, but not all debt is dischargeable. Some of the most common types of debt that cannot be discharged in bankruptcy include student loan debt, child support and alimony obligations, and most taxes. Additionally, certain types of secured debts, such as home mortgages and car loans, are not eligible for discharge. When filing for bankruptcy, you will have to list all of your debts and assets. If the debt is classified as a dischargeable debt, it will be included in the bankruptcy. This means that after the bankruptcy is processed, you may no longer be legally obligated to pay back the debt. However, if the debt is not discharged, you will still have to make payments on that debt. Ultimately, it is important to speak to a licensed bankruptcy attorney to learn more about which debts may be discharged in Oklahoma. A bankruptcy lawyer can help you review your financial situation and determine if bankruptcy is the best option for you.

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Will bankruptcy discharge the entire amount of debt owed?

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