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No, there are some debts that are described as “non-dischargeable”. These debts would include the following: back child support, back spousal support, most student loans, most tax debts, and any debts that you may have incurred fraudulently. But these are not hard and fast rules. Because the field of bankruptcy law, there are almost always loopholes. A brief description is provided below:
If you owe support payments (either in the form of child support of spousal support to your former husband or wife), then the general rule is that such debts cannot be knocked out by the Bankruptcy Court. This is a fundamental policy that the state of Missouri has determined. If you owe debts that take on the nature of support (as ordered by a state court), and you believe that you do not (or should not) have to make those payments, then the best option would be to discuss the matter with a family law specialist.
If you owe delinquent taxes, the general rule again is that these debts cannot be discharged. However, there are a couple of loopholes to this rule. If you owe income tax (to either the state or federal governments), but the tax debt in question is: 1) three (3) years or older; 2) you have filed the returns for those tax years more than two (2) years ago; and 3) there have been no recent audits conducted by the taxing authority, then it is possible to have those particular income tax debts knocked out.
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Student loans are generally regarded as non-dischargeable, but there is a process by which those debts can be discharged. This process involves an in-depth look at your current finances, your current income, whether or not the degree that you obtained with the student loans has helped you, and what your earning potential is for the field of study of your student loans. Once this analysis is performed, there might be a chance to get the student loans (or at least part of them) knocked out.
But if you took on debts in a fraudulent manner, then the bankruptcy court will not allow a discharge for those debts. For instance, if you used someone else’s social security number to apply for a loan or credit card, then that debt will not be discharged.
The best way to fully understand what your rights and options are is to give us a call (or shoot us a text, or fill out one of our online forms)!! We will answer all your questions, describe your options, and help guide you through the process from start to finish!
The affordable St. Louis bankruptcy attorneys at The Law Office of Jennifer Alter-Rieken have been saving and protecting people’s assets for years. Our goal is to make sure that you keep the assets and property you want, discharge the debts that you want to get rid of, and do it all at an affordable cost to you. All phone conversations and office consultations are free of charge.