What happens to my debts when filing for Chapter 7 Bankruptcy?

Filing for Chapter 7 bankruptcy in West Virginia can help you get rid of some of your debts, but it is important to know what debts are affected. When filing for Chapter 7 bankruptcy, most unsecured debts, such as medical bills, credit cards, and personal loans can be discharged. That means these debts no longer need to be paid after the bankruptcy is complete. Other types of debt, such as student loans and tax debt, cannot be discharged and must still be paid back. Additionally, some secured debts, such as a car loan or home mortgage, can usually be kept if you can afford to make payments going forward. This means that the debts will stay with you, and you must make payments on time to keep the asset. On the other hand, if you can’t afford to make payments, the lender may take back the asset you purchased with the loan during the bankruptcy process. Chapter 7 bankruptcy can be a great way to help you get out of debt, but it is important to understand what debts will be discharged and which ones will remain. Once the bankruptcy process is complete, it will be easier to manage your remaining debts and make a fresh start.

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What happens to my debts when filing for Chapter 7 Bankruptcy?

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