What types of debts can be discharged through Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy Law in New Hampshire is designed to provide those who are burdened with debt to have a fresh start by “discharging” (eliminating) certain types of debt. Depending on the circumstances, debt such as credit card debt, medical bills, personal loans, utility bills and unsecured loans can all be discharged in bankruptcy. Additionally, certain types of tax debt, such as income taxes can be discharged in bankruptcy if certain conditions are met. Other types of debt, however, are not able to be discharged. Bankruptcy will not discharge secured loans, such as car or home loans, and it will not discharge child support or alimony payments. Additionally, the majority of student loan debt is not able to be discharged, although it is possible in certain cases to have the loan payments reduced through Chapter 13 bankruptcy. It is important to understand that the decision to file for bankruptcy is a serious one and should not be taken lightly. Before filing for bankruptcy, it is important to speak with a qualified bankruptcy attorney to understand the full scope of bankruptcy laws and what debts are able to be discharged. Additionally, depending on the individual’s financial situation, filing for bankruptcy may not be the best option. It is also important to note that filing for bankruptcy under Chapter 7 in New Hampshire can remain on your credit report for up to 10 years.

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What types of debts can be discharged through Chapter 7 Bankruptcy?

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