Bankruptcy – What can’t it do?

Although Bankruptcy eliminates most of your financial debt, there are some exceptions.  Bankruptcy does not eliminate the rights of your secured creditors.  Secured creditors are those that have taken a mortgage or lien on your property as collateral for a loan, such as your home mortgage or vehicle loans.  These creditors may need to take payments over time or may eliminate your obligation to pay additional money, if your property is taken.  However, if you intend to keep your property, you must continue to pay the creditors.

Bankruptcy does not discharge, or free you of, certain types of debts.  These debts are those such as child support, alimony, most student loans, court restitution orders, criminal fines, and most taxes.

Bankruptcy does not protect your cosigners on your debts.  The cosigner on your loan, in most cases, will still need to repay all of the loan.

So, what can Bankruptcy do or not do?  It can be complicated.  We’ve handled many Bankruptcies and can help you with your specific needs.  We know what you can and can’t do, to give you the best outcome.

Call us for a consultation today!

Todd Courser 810-245-0813