Seeking advice on the discharge of debts in bankruptcy

| Jun 22, 2020 | Uncategorized | 0 comments

As there may be a variety of available options to help a person in Kentucky or elsewhere seek relief from the trails of financial strain, choosing the best path can seem somewhat intimidating at times. In many cases, those facing similar hardships might consider exploring the possible benefits of seeking relief through bankruptcy, but they may remain uncertain of how the process might affect their situation. Prior to choosing a path, a person could benefit from seeking advice on the types of debt that can and cannot be discharged through bankruptcy.

Debts come in various forms and fashions, each of which may be treated differently during bankruptcy proceedings. In many cases, unsecured debts such as credit card balances, medical expenses and personal loans are examples of types of obligations that may be eligible for discharge through similar methods. While eligible debts will only be discharged after the process is complete, a person may also be able to obtain protection from creditors during bankruptcy proceedings through the automatic stay.

However, there are certain types of debt that typically cannot be discharged through bankruptcy. Some examples of such obligations may include child and spousal support payments, loans from retirement accounts and certain tax liabilities. While it might be possible to seek relief from student loans through similar means, this could also prove difficult at times.

Understanding the process of discharging debts through bankruptcy could play an integral role in making informed choices about one’s situation. Those who wish to better understand every aspect of and what to expect from the bankruptcy process could benefit from retaining the services of an experienced attorney early on for guidance. This type of advice could help a person in Kentucky better prepare to pursue the required relief through the proper channels and begin working toward building a healthier financial future.