Your Debts in Chapter 7 Bankruptcy

Priority vs. Nonpriority Debts in Bankruptcy

Find out why some debts, like recently incurred taxes and domestic support obligations, are categorized as "priority" debts that must be paid before most others when money is available for creditors in bankruptcy.

Understanding Secured, Unsecured, and Priority Debts in Bankruptcy

Whether a debt is secured, unsecured, or priority determines whether a creditor will get paid. Understanding debt types will help you correctly complete bankruptcy paperwork and know who you must pay after Chapter 7 or in a Chapter 13 plan.

Chapter 7 Bankruptcy for a Small Business

Chapter 7 is rarely used to wind down a struggling small business's operations. Learn why it's more common for a small business owner to file for personal Chapter 7 after a business closure to get out from under business debt.

What Happens to Debts Incurred After Filing for Chapter 7 Bankruptcy?

Debts you incur after you file for Chapter 7 bankruptcy (post-petition debts) are not discharged.

Redeeming v. Reaffirming Debt to Keep Property in Bankruptcy

Learn the differences between redeeming property and reaffirming debt in Chapter 7 bankruptcy.

Redeeming v. Reaffirming Debt to Keep Property in Bankruptcy

Learn the differences between redeeming property and reaffirming debt in Chapter 7 bankruptcy.

Keeping Property in Chapter 7 by Reaffirming Secured Debt

Chapter 7 eliminates creditor contracts, including those with mortgage and car loan lenders. If you want to keep the debt, you can enter into a new contract, known as a "reaffirmation" agreement. Learn why you might do so.

Getting Rid of Credit Card Debt With Bankruptcy

Most credit card debt is eliminated or "discharged" in bankruptcy, but sometimes a creditor asks the court to declare credit card balance nondischargeable. Learn what can happen to credit card obligations in bankruptcy.

Medical Bankruptcies: How to Get Rid of Medical Debt

Learn how to wipe out medical debt in bankruptcy.

Can You Discharge an SBA Business Loan in Bankruptcy?

Debtors can "discharge" or eliminate an obligation to repay an SBA loan in some situations but might need to give up assets voluntarily pledged as collateral for the loan.

Are Lawsuit Judgments Discharged by Bankruptcy?

Filing for bankruptcy can eliminate your responsibility to pay qualifying debts, including those that proceeded to judgment. You won't be obligated to pay those obligations, and creditors can't sue you personally to collect them.

What Happens to a Personal Guarantee in Bankruptcy?

Learn how to discharge a personal guarantee in bankruptcy.

How Will Bankruptcy Affect My Child Support Obligations?

You cannot discharge child support debt in Chapter 7 or Chapter 13 bankruptcy.

Income Tax Debt in Chapter 7 Bankruptcy

Most tax debts won't be wiped out by Chapter 7 bankruptcy, but some older tax obligations might.

How Will Bankruptcy Affect Joint Accounts and Cosigners?

If you file for bankruptcy, your cosigners will usually still be liable for joint debts.