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Does filing of bankruptcy clear all debts_

Are you looking for bankruptcy lawyers in San francisco? Well, there are a lot of experienced lawyers specialized in consumer bankruptcy who you can find a list of them through online.They will help you through the maze of decisions whether to file bankruptcy and what sort of bankruptcy to opt for. Bankruptcy attorney San francisco will also help you in handling the paperworks.<br>

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Does filing of bankruptcy clear all debts_

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  1. Does filing of bankruptcy clear all debts?

  2. When people or an organisation is unable to honour its financial obligations or make payments to its credits, they file for bankruptcy. Filing bankruptcy can help a person by clearing debt. The bankruptcy process begins with a petition filed by the debtor or on behalf of the creditor. All bankruptcy cases are handled by federal courts and decisions are made by a bankruptcy judge. Bankruptcy attorney Fort Worth explains everything clearly including whether a debtor is eligible to file or they should be discharged of their debts. You will get to know brief information about your queries related to debts.

  3. Does bankruptcy clear all debts? If you are under a heavy debt load there is no option other than bankruptcy. Many types of debts can be cleared during bankruptcy. But there are still some things which can not be cleared by bankruptcy. The following debts are not cleared by bankruptcy:

  4. Secured debts: A secured debt is one where the creditor secures one or more assets as collateral as a requirement of loan made to you. It's like if you take money from any bank as a loan keeping your house as security, then if you do not repay a loan, then the bank/creditor has the right to seize your house. Your house will be sold out as your repayment. Student loans: Student loans are not cleared by bankruptcy unless you graduated from school for at least 10 years before the date that you filed for bankruptcy.

  5. Child support and alimony: You can't discharge a legal obligation to pay child support or alimony. Whatever the situation may be, it will come under your own responsibility. Income tax liability: You can't wipe out some income tax liability in a bankruptcy filing, but there is a specific and extensive test required to do so.

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