How can you eliminate debts during bankruptcy? 4 Answers as of November 01, 2010

If I declare Chapter 7 bankruptcy, are there any debts I might be able to eliminate or will I just have to make a new payment plan?

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Diana K. Zilko, Attorney at Law
Diana K. Zilko, Attorney at Law | Diana K. Zilko
A chapter 7 bankruptcy is designed to discharge the bulk of your debts, thus giving you a fresh start. Obviously, if a loan is tied to a property item that you want to keep, such as a car, you will have to continue to pay the loan. Otherwise, if the debts are mostly of the credit card variety, they should be discharged assuming you meet the qualifying factors to file a Chapter 7.
Answer Applies to: California
Replied: 11/1/2010
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
There are no payment plans in a Chapter 7 case. Most debts are dischargeable in Chapter 7 except those specifically excluded from discharge, such as student loans, certain taxes, debts incurred by fraud, and so forth.
Answer Applies to: California
Replied: 10/28/2010
The Orantes Law Firm
The Orantes Law Firm | Giovanni Orantes
The general rule is that all unsecured debts are eliminated. Some exceptions to that rule are student loans and traffic fines, for example. No payment plan is usually involved in a Chapter 7 bankruptcy case.
Answer Applies to: California
Replied: 10/28/2010
Sussman & Associates
Sussman & Associates | Mitchell Sussman
Chapter 7 discharges / eliminates debts. Chapter 13 there is a payment plan.
Answer Applies to: California
Replied: 10/28/2010
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