What types of debt can be discharged through bankruptcy?

In Mississippi there are four types of debt that can be discharged through bankruptcy, these are credit card debt, medical bills, personal loans, and certain taxes. Credit card debt is one of the most common types of debt to be discharged through bankruptcy. Credit card debt can be discharged through Chapter 7 and Chapter 13 bankruptcy. In Chapter 7, you surrender most of your assets in exchange for the discharge of your debts. In Chapter 13, you pay back a portion of your debts over a period of three to five years. Medical bills may be discharged through either Chapter 7 or Chapter 13 bankruptcy. If you file for Chapter 7, the medical bills will be discharged and you will no longer have to pay them. In a Chapter 13 bankruptcy, you may be able to pay back some or all of the medical bills through a payment plan over three to five years. Personal loans may also be discharged through bankruptcy. In Chapter 7, all of your personal loans are discharged, and you are no longer responsible for paying them. In Chapter 13, you may be able to pay back some or all of the personal loan through a payment plan. Certain taxes can be discharged through bankruptcy. If the taxes due were assessed more than three years prior to the bankruptcy filing, and the taxes were due and unpaid within the last two years, then those taxes may be discharged. It is important to note, however, that only certain taxes can be discharged through bankruptcy.

Related FAQs

What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?
Does bankruptcy eliminate liens?
Can I keep my car when filing for bankruptcy?
What is considered a non-dischargeable debt?
How do I know if I am eligible for a Chapter 11 bankruptcy?
How long will a bankruptcy stay on my credit report?
Can I keep certain types of tax debts when filing for bankruptcy?
How long does it take to file for bankruptcy?
Is bankruptcy a public record?
Are there restrictions on my ability to travel while filing for bankruptcy?

What types of debt can be discharged through bankruptcy?

Related FAQs

Related Blog Posts