What loans will not be affected by bankruptcy? 23 Answers as of June 15, 2012

What loans will not be affected by bankruptcy?

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Rosenberg & Press
Rosenberg & Press | Max L. Rosenberg
Student loans will not be affected by bankruptcy except bankruptcy may allow you to defer on them until the end of the bankruptcy. Secure loans can be real affirmed in a bankruptcy. Only unsecured loans will be discharged in a Chapter 7 bankruptcy. For information regarding a chapter 13 bankruptcy please see an experienced bankruptcy attorney.
Answer Applies to: Connecticut
Replied: 6/15/2012
Selleck Legal, PLLC
Selleck Legal, PLLC | Stacey Selleck
All loans will be affected by filing for bankruptcy, however, there are certain secured loans that you can reaffirm (vehicle, home) so you can keep those items, and remain responsible for the debts owed on them even once you receive a bankruptcy discharge.
Answer Applies to: Michigan
Replied: 6/15/2012
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
There are some: student loans, loans obtained by fraud, criminal fines and restitution, some taxes, spousal or child support orders. These are the most common ones.
Answer Applies to: California
Replied: 6/15/2012
Law Offices of Sheryl S. Graf
Law Offices of Sheryl S. Graf | Sheryl S. Graf
Some debts cannot be discharged in bankruptcy proceedings. Typical examples include student loans (with some limited exceptions), child support, and debts resulting from willful and malicious acts, embezzlement, or fraud. Additionally, if you have more than $100,000 total consumer debt, or have charged more than $5,000 total over the past year on any single credit card, the trustee may claim that there has been an "abuse" of the bankruptcy system and object to the discharge. Without knowing all the facts of your case and having a clear understanding of all your particular financial circumstances, I am unable to give you any specific advice. The first step should be to meet with a qualified attorney who helps people file for relief under the bankruptcy code.
Answer Applies to: California
Replied: 6/15/2012
G. Anthony Yuthas & Assoc.
G. Anthony Yuthas & Assoc. | Tony Yuthas
Most, if not all, student loans.
Answer Applies to: Colorado
Replied: 6/15/2012
    Law Office of D.L. Drain, P.A.
    Law Office of D.L. Drain, P.A. | Diane L. Drain
    I am not sure what you mean by "affected". By law you must list all your debts. That includes debts on your home or car. If you want to keep your home or car then normally you just keep paying the regular payment. I don't know what state you live in, but please understand that bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney in your state before deciding to take this important step. If you live in Arizona, then you will find that most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
    Answer Applies to: Arizona
    Replied: 6/15/2012
    Law Office of Pho Ethan Tran PLLC
    Law Office of Pho Ethan Tran PLLC | Pho Ethan Tran
    Student loans are usually not discharged in bankruptcy.
    Answer Applies to: Texas
    Replied: 6/15/2012
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    Those loans listed under 11 USC 523.
    Answer Applies to: Michigan
    Replied: 6/15/2012
    Olson Law Firm | Edward M Olson
    Many debts are not dischargeable, such as taxes, child support, and debts based on fraud. Student loans are not dischargeable unless you can show a "hardship" which is very difficult to prove.
    Answer Applies to: Michigan
    Replied: 6/15/2012
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    Most common are child support, spousal support, certain taxes, student loans, fines. If you need to ask you need to see an attorney before you make a mistake.
    Answer Applies to: Michigan
    Replied: 6/14/2012
    R. Jason de Groot, P.A
    R. Jason de Groot, P.A | R. Jason de Groot
    Usually, only student loans are not affected by bankruptcy. Also income taxes within the last three years are not affected by bankruptcy.
    Answer Applies to: Florida
    Replied: 6/14/2012
    Samwel Cousineau &Shea, PC
    Samwel Cousineau &Shea, PC | Kirsten A. Samwel
    Student loans usually.
    Answer Applies to: Washington
    Replied: 6/14/2012
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    All loans may be affected although not all loans are discharged in a bankruptcy. Generally, student loans and secured loans such as a home are not affected if you are keeping the home.
    Answer Applies to: California
    Replied: 6/14/2012
    The Orantes Law Firm
    The Orantes Law Firm | Giovanni Orantes
    Loans secured by collateral (if you keep the collateral) and student loans are the most common example of loans not affected by a bankruptcy filing. Otherwise, I need more data to determine whether a particular loan is dischargeable or not.
    Answer Applies to: California
    Replied: 6/14/2012
    Alvin Lundgren | Alvin Lundgren
    Loans that you continue to make payments on and re-affirm are not affected by bankruptcy.
    Answer Applies to: Utah
    Replied: 6/14/2012
    Law Office of L. Paul Zahn
    Law Office of L. Paul Zahn | Paul Zahn
    Generally, student loans are not subject to discharge in bankruptcy.
    Answer Applies to: California
    Replied: 6/14/2012
    The Smalley Law Firm, LLC | Cary Smalley
    Generally student loans cannot be discharged in bankruptcy. I suggest you consult with a bankruptcy attorney to discuss the details of your situation.
    Answer Applies to: Kansas
    Replied: 6/14/2012
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    See 11 USC 523.
    Answer Applies to: California
    Replied: 6/14/2012
    Law Offices of Diann C. Moseley | Diann Moseley
    All creditors must be included in your bankruptcy; however, not all debts will be discharged. Student loans are not dischargeble and certain years of income taxes. Further, if your intention is to keep a house or vehicle, the mortgage or vehicle loan will not be discharged. Disclaimer: This response contains legal information which is not the same as legal advice. While every effort has been made to ensure that the information is accurate and timely, we make no guarantees as to accuracy or timeliness. If you want assurance that the information contained is applicable to you and your situation, we recommend that you contact a bankruptcy attorney.
    Answer Applies to: District of Columbia
    Replied: 6/14/2012
    Connaghan Newberry Law Firm
    Connaghan Newberry Law Firm | Tara D. Newberry
    All debts must be listed in the bankruptcy schedules, however, a debtor has the option of reaffirming a debt they intend to repay. In many instances, it is not advisable to reaffirm debt, so a careful examination by a qualified bankruptcy attorney is recommended to ensure the debtor is made aware of the consequences of signing a reaffirmation agreement. If a loan payment is current at the time of filing, such as a vehicle loan, and the debtor continues to make payments, then there is generally no reason for a lender to repossess the vehicle. But there could be instances where despite being current on payments that a lender could repossess. Importantly, a debtor cannot pick and choose what goes into a bankruptcy and what does not. All debts and all assets must be listed or there can be serious consequences, including criminal charges, for making misrepresentations or omissions in the bankruptcy petition and schedules.
    Answer Applies to: Nevada
    Replied: 6/14/2012
    Attorney At Law | Harry D. Roth
    In general, student loans are the only non-dischargeable loans. In addition, most taxes, criminal fines and support obligations, which aren't loans, but are still debts, are also non-dischargeable.
    Answer Applies to: California
    Replied: 6/14/2012
    Debt Relief Law Center | Roger J. Bus
    Non-dischargeable loans generally are student loans, taxes, alimony and child support, and fraud claims.
    Answer Applies to: Michigan
    Replied: 6/14/2012
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    Student loans, alimony, fraudulent debts, child support, DUI damages, intentional torts, some taxes, criminal penalties and fines, etc.
    Answer Applies to: Georgia
    Replied: 6/14/2012
Click to View More Answers:
12 3 4 Free Legal QuestionsConnect with a local attorney