4 Debts You'Ll Have To Pay When Filing For Bankruptcy

Dealing with financial problems is never fun, and these may cause you a great deal of stress. The key to getting through a challenging time, such as this may lay in filing for bankruptcy. If you're successful, you'll be happy to know many of your debts will be paid. However, you should be aware there are several things you will continue to owe if you do qualify for this status. Being aware of the debts you'll still be responsible for may be helpful to you.

Debt #1: Student loans

Borrowing money to go to college is sure to be worthwhile when you land the right job. However, this debt will need to be paid back and within a specific time-frame.

The good news is you'll typically get a lower rate when you qualify for a student loan, but you will need to pay it back regardless if your bankruptcy is successful or not.

Debt #2: Back taxes

Have you failed to pay your taxes as you should over the years? If so, you may want to get some help when faced with financial problems, but this won't come from filing for bankruptcy.

You'll be responsible for this debt, but one way you can attempt to pay it off is by making payments on it over a certain period.

Debt #3: Child support

Going through a divorce can be a trying time, and if there are children involved, it can be even tougher.  It may be necessary for you to pay child support and this is one thing you'll be responsible for doing regardless if you're successful at obtaining bankruptcy.

Debt #4: Recent credit card charges

Being able to charge a number of your purchases may seem like a good idea at the time, but you can run up a great deal of debt quickly. You'll need to repay this amount promptly because bankruptcy won't cover it for you and it's possible to incur a number of late fees and high interest charge.

The good news is there are several things a successful bankruptcy will pay for you, and this is sure to ease your mind. However, you'll need to be aware of some of the things this legal status simply won't cover to prepare you beforehand. Be sure to work closely with a bankruptcy attorney in your area today if you need assistance filling out the paperwork for this process! For more information, contact companies like Haven Law Group, P.C.