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Does bankruptcy eliminate all debts?
By: Stan Hopkins
Not all debts can be released by filing for bankruptcy, including:
- fines or penalties imposed by a court of law
- alimony or maintenance payments
- debts arising from fraud
- some student loans
- certain other debts
Bankruptcy does not affect the rights of secured creditors. This means that a creditor with a valid security interest against your property will have the right to take possession of that property if you default on your payments. Your Licensed Insolvency Trustee can discuss the option to continue to make payments to secured creditors during your bankruptcy if you wish.
Contact us for a confidential, free initial consultation to discuss your specific debt situation.