Are you and your family considering filing for bankruptcy? Are you at the end of your rope, unsure of how you are going to pay your monthly bills? If so, there may be relief for you to start over by filing for bankruptcy.

The government awarded debt discharge for many unsecured debts and helps people better manage their finances so that they can work towards financial freedom. However, bankruptcy cannot eliminate all of your debts, there are certain types of debt that are exempt from bankruptcy.

The most common exceptions that are not eliminated through bankruptcy include:

-Debt that is tied to court ordered child support or spousal support payments

-Debt including penalties and fines that you owe to various government agencies

-Tax debts and debt that you accumulated in order to pay your taxes

-Debt in the form of student loans (unless you can prove that repaying them would cause “undue hardship”)

-Debts that you do not include in your bankruptcy petition

-Debt that is tied up in a loan which you secured using false information

-Punitive debt that you owe because of violent crime

-Debt associated with a drunk driving charge

-Debt tied to your mortgage which is not covered in the bankruptcy

-Debt associated with paying criminal restitution or traffic tickets

-Debts incurred through fraudulent activity

If you have any of the above debts holding you down, filing for bankruptcy is not the right option for you. Even if you file for Chapter 7 bankruptcy, these debts will remain unchanged and will still be there for you to pay when your bankruptcy case is over.

If you file for Chapter 13 bankruptcy, you will need to pay off these debts over time according to your repayment plan that you work out with your creditors.

To learn more about what bankruptcy can and cannot do, speak with a Tampa bankruptcy attorney from Dion R. Hancock, P.A.