What types of debt can be discharged through bankruptcy?

In West Virginia, bankruptcy can help individuals and businesses alike discharge debts so they can move forward financially. Generally speaking, most types of debt can be discharged through bankruptcy with the following exceptions: taxes, student loans, child support, alimony, and debts incurred due to fraud. For individual filers, most debt is dischargeable, such as medical bills, personal loans, credit card debt, business debts, and so on. Typically, these types of debts are unsecured, meaning that they are not backed by any kind of collateral. This means that if the debt is delinquent, creditors cannot take any property from the debtor in order to satisfy the debt. For businesses, debts that are usually dischargeable include accounts payable, business loans, utility bills, and other business-related debts. However, if the business is an LLC, corporation, or a Limited Liability Partnership, it is important to note that the individual owners of the business are still liable for those debts, even if the business itself is discharged. Finally, it is important to note that certain types of debt are sometimes not dischargeable, such as certain tax liens, student loans, judgments, and any other debt that is deemed “non-dischargeable.” In these cases, the individual must either satisfy the debt in some other way, or make arrangements with the creditor to work out a repayment plan.

Related FAQs

Is there a limit to the amount of debt I can have when filing for bankruptcy?
What is the difference between secured and unsecured debt?
Can I keep certain types of property when filing for bankruptcy?
How long does it take to file for bankruptcy?
What will happen to my creditors if I file for bankruptcy?
Is it possible to have a bankruptcy case dismissed?
What are some of the potential pitfalls to filing for bankruptcy?
Will filing for bankruptcy stop a lawsuit?
Will filing for bankruptcy stop repossession?
How can I find a qualified bankruptcy attorney?

What types of debt can be discharged through bankruptcy?

Related FAQs

Related Blog Posts