Will All My Debts Be Discharged?

Bankruptcy Attorney

In general a lot of people believe that if they go bankrupt that that they will be debt free. Meaning that all of their debts will be discharged as a result of them going bankrupt. When they discover that this may not be the case they often question as to why they should go bankrupt anyways.

How the debts are handled will depend on which bankruptcy procedure they are qualified for. It may be a Chapter 7 bankruptcy which will deal with the debts immediately and discharge those which can qualify, but it may mean that some of the assets the individual owns have to be sold in order to pay off other types of debts.

In a Chapter 13 bankruptcy a payment plan for repayment of the debts is made. Some debts have to be completely paid while others only demand a portion to be paid. In either case bankruptcy can be a viable form of debt relief. It allows the individual to become more financially stable and means that they no longer have to face court actions against their debts. Plus, it puts an end to the constant harassment by the creditors who want their money.

Any individual that is considering going bankrupt should speak with a qualified bankruptcy attorney in Dayton to see what their options are, and what a bankruptcy procedure would do for them financially. Although any individual can do their own bankruptcy proceedings it can be very complex, and if errors are made during the process this can the affect the outcome of the bankruptcy.

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