Will bankruptcy discharge the entire amount of debt owed?

No, bankruptcy will not necessarily discharge the entire amount of debt owed in Virginia. This is because certain types of debts are “non-dischargeable” under the U.S. Bankruptcy Code. These include student loans, tax debts, and recent domestic support obligations. Some other non-dischargeable debts include debts obtained through fraud or misrepresentation, and debts for causing injury or death through negligence or misconduct. Even if your debt is not non-dischargeable, the amount discharged could be less than the amount owed. This is because the court will look at your income and assets and decide if any portion of the debt should be repaid or not. The amount of debt discharged is also affected by the type of bankruptcy that is filed. For example, Chapter 13 bankruptcies allow you to keep your property and pay your debts over time, but you may have to pay back a portion of the debt. In short, filing bankruptcy will not necessarily discharge the entire amount of debt owed in Virginia. The amount of debt that is discharged depends on the type and nature of the debt, the type of bankruptcy filed, and the individual’s financial situation. It is important to consult with an experienced bankruptcy attorney to understand how the bankruptcy process works.

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Will bankruptcy discharge the entire amount of debt owed?

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