Bankruptcy doesn't mean you get off the hook from paying back anything at all that you have outstanding. There are a few things you aren't going to be able to include in your bankruptcy, things that you're going to still be responsible for. There are some things your bankruptcy trustee may require that you pay back. Read on for a few things you will not be able to include in your bankruptcy.
1. Federal Taxes
If you owe on your federal taxes, you aren't going to be able to include them in your bankruptcy. This is especially true of the IRS. You cannot file for bankruptcy on the Internal Revenue Service. They require that you pay them back according to the payment plan they have set for you. If you do have a problem that you aren't able to pay them back according to their plan, you may be able to work something out with them. This may be something your bankruptcy attorney may be able to help you with, or they can direct you to someone else that can help you.
2. Student Loans
Student loans are a government loan, and will therefore need to be paid back. Bankruptcy does not cover student loans. This is another type of loan that can be worked out with the government to be paid back in a way that suits you financially, but this needs to be worked out with the loan company. You are responsible for this loan no matter what.
3. New Credit Card Purchases
Purchases that were recently made on a credit card may also not be able to be included on your bankruptcy. If you went out and racked up a credit card with purchases, those purchases may be required to be returned, or you may simply be responsible for those charges on the credit card. It's never a good idea to run out and get loans or make large or expensive purchases in the months prior to filing for bankruptcy. This is something that could blow up in your face, where you will still be required to pay for these things.
These are just a few things you aren't going to be able to include in your bankruptcy, or will be responsible for. Talk to your bankruptcy attorney about what else cannot be included in your bankruptcy. There may be a few things you thought could be included, but you will still end up being responsible for.
Share27 May 2020
If your mountain of debt has grown so tremendous that you can't imagine a way out, then you need to contact a bankruptcy attorney. Even though filing bankruptcy can seem like cheating, it is sometimes the only option when you have consumer or medical debt that is consuming your paycheck and then being left unpaid. An attorney can take a look at your finances and recommend a pathway out of debt utilizing one of the several types of bankruptcy available. Learning more about this process can make it seem more approachable. Dig into the articles on this website to get started with that learning.
