What types of debt can be discharged through bankruptcy?

Under Massachusetts bankruptcy law, individuals and businesses can receive relief from certain types of debt. These debts are categorized as either “secured” or “unsecured.” Secured debt is backed by collateral, such as a house or car, and can be discharged if the collateral is surrendered in the bankruptcy. Unsecured debt, however, is debt that is not backed by collateral. Common forms of unsecured debt that can be discharged include credit card debt, medical bills, unpaid personal loans, and certain types of taxes. It is important to note that certain debts, such as alimony payments and student loans, are usually not dischargeable in bankruptcy. Additionally, Massachusetts bankruptcy law prevents individuals from filing bankruptcy more than once within a specified period of time. In conclusion, both secured and unsecured debt can typically be discharged in bankruptcy if it meets certain criteria under Massachusetts law. Secured debt can be discharged if the collateral is surrendered, while unsecured debt typically includes credit card debt, medical bills, personal loans, and certain taxes. Certain types of debt, such as student loans and alimony payments, are generally not dischargeable. Finally, individuals must also remember that they cannot file for bankruptcy more than once within a certain period of time.

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What types of debt can be discharged through bankruptcy?

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