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Debt forgiveness may depend on bankruptcy type in Tennessee

Tennessee residents looking to get back on stable financial ground may wonder about the best routes for doing so. Considering bankruptcy may be a viable route to take, but some individuals may be concerned about what types of debt may be forgiven through this process. Though it often depends on which type of bankruptcy is filed, there are some liabilities that may not be discharged.

Divorced individuals may have specific concerns as many debts relating to divorce may not be eligible for discharge. If individuals owe child support or alimony, those debts will remain on the record and require payment. Additionally, individuals who owe taxes will likely also be required to pay back those debts as certain taxes do not qualify for forgiveness. 

Students may also be worried about whether they could discharge their debts through bankruptcy. In many cases, students loans are not forgiven through the process. However, there are instances in which certain loans may be discharged and finding out more information on attempting to discharge those debts may prove useful. Because each case is unique, the circumstances involved in a particular case could play a substantial role in bankruptcy outcomes. 

Being concerned with finances is something that many individuals face on a regular basis. If debt issues become too overwhelming, looking into options for discharging debt may be a wise step to take. Consulting with experienced bankruptcy attorneys could help Tennessee residents determine which type of bankruptcy could be right for them and what liabilities may be eligible for forgiveness through each process.

Source: masslive.com, "Ask the Experts:Bankruptcy may not discharge housing debt", Aug. 31, 2016

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