What happens to any debts that are not discharged in Chapter 7 Bankruptcy?

Debts that are not discharged in a Chapter 7 Bankruptcy are still owed. This means that creditors can still take legal action to collect the money owed. This can include actions such as wage garnishment, property liens, bank levies, and lawsuits. It is important to understand that creditors can still take legal action even after a bankruptcy case has been filed. In Virginia, the types of debts that remain after a Chapter 7 Bankruptcy include taxes, student loans, alimony/child support, certain criminal fines, and judgments that have been entered against you. However, some of the above debts can be discharged in other types of bankruptcy proceedings, such as Chapter 13. In addition to creditors suing you for unpaid debts, you can also be denied loans, credit cards, and other forms of credit. It is important to understand that a Chapter 7 Bankruptcy is meant to provide relief, but it will not get rid of all debt. In some cases, it can take years of rebuilding credit in order to be able to obtain credit and loans again.

Related FAQs

How long does the bankruptcy stay on my credit report?
What is the difference between Chapter 7 and Chapter 11 Bankruptcy?
Can I keep my taxes refund after filing for Chapter 7 Bankruptcy?
What are the steps of a Chapter 7 Bankruptcy?
What are exemptions?
Will filing for Chapter 7 Bankruptcy stop collection efforts?
How long does it take to complete a Chapter 7 Bankruptcy?
What is a reaffirmation agreement?
How do I stop creditors from harassing me after filing for Chapter 7 Bankruptcy?
How do I know if I should file for Chapter 7 Bankruptcy?

What happens to any debts that are not discharged in Chapter 7 Bankruptcy?

Related FAQs

Related Blog Posts