What is considered a non-dischargeable debt?
In Massachusetts, non-dischargeable debt refers to any debt that cannot be eliminated through bankruptcy. This type of debt is protected from being discharged in Bankruptcy Court by either state or federal law. Common types of non-dischargeable debt include: • Student loans • Most taxes • Alimony • Child support • Debts incurred by fraud, such as falsifying documents or lying about your finances • Debts resulting from a judgement or a court order • Debts incurred by a DUI or other criminal activity • Fines or penalties imposed by a government agency • Home equity loans When filing for bankruptcy, it is important to know the difference between dischargeable debt and non-dischargeable debt since the latter will still need to be paid off in full regardless of the bankruptcy proceedings. In addition, creditors can still take legal actions to collect any non-dischargeable debt, such as garnishing wages or placing liens on assets. It is important to speak with a bankruptcy attorney to understand what type of debt is considered non-dischargeable and how to best address any outstanding debt.
Related FAQs
Can I keep certain types of property when filing for bankruptcy?Will bankruptcy stop wage garnishment?
What are the advantages and disadvantages of filing for bankruptcy?
Is there anything I can do to rebuild my credit after bankruptcy?
What kind of debt counseling is available before and after filing for bankruptcy?
Can I keep my car when filing for bankruptcy?
How do I obtain a copy of my credit report after filing for bankruptcy?
What are the requirements for filing for bankruptcy under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005?
Can I get a loan after filing for bankruptcy?
How do I know if I am eligible for a Chapter 11 bankruptcy?
Related Blog Posts
What is Bankruptcy Law? - July 31, 2023What Are the Most Popular Types of Bankruptcy? - August 7, 2023
How to Choose the Right Bankruptcy Attorney for Your Case - August 14, 2023
Understand the Consequences of Not Filing for Bankruptcy - August 21, 2023
How to Avoid Bankruptcy With Financial Self-Management - August 28, 2023