Can All Of My Debts Be Eliminated By A Bankruptcy?
Bankruptcy is always a difficult decision, but it can be especially painful to consider if you're still holding on to some debt. If you're wondering whether your situation could be improved by filing for bankruptcy, there are a few questions you should ask yourself to determine whether your situation would actually get better:
Are all of my debts eliminated? Bankruptcy will eliminate most of your unsecured debts, but some debts can't be erased—like student loans or child support payments. Similarly, if you have an asset that's worth less than the amount of your debt, the creditor can claim that asset to pay off the remainder.
Bankruptcy will eliminate most of your unsecured debts, but some debts can't be erased—like student loans or child support payments. Similarly, if you have an asset that's worth less than the amount of your debt, the creditor can claim that asset to pay off the remainder. Will I qualify for another loan after bankruptcy? If you have already filed for bankruptcy in the past, and it hasn't been discharged yet, no bank will give you a loan while it remains on your credit report. The same goes for any type of fraud or embezzlement on your record.
If you have any questions or need a Bankruptcy Lawyer, please call this law firm for a free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
