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How To Decide Whether And When To File For Bankruptcy

What Types Of Debt Are Not Dischargeable Under Bankruptcy?

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Debts that are not dischargeable under bankruptcy include:

  • Income taxes less than three years past due. For more about wiping out your tax debt with bankruptcy, see Paying the Piper: When You Owe Money To The IRS.
  • Coop and condominium association dues.
  • Student loans. Student loans that became due more than seven years previous to filing for bankruptcy used to be dischargeable. This is no longer the case. The only way to discharge a student loan now is to prove that you will suffer an undue hardship if you continue to have this debt. This usually involves showing the court that if you make payments on the loan you will have a standard of living below the poverty line.
  • Alimony.
  • Child support.
  • Court judgments due to drunk driving or fraud.
  • Anything not listed in the petition for bankruptcy.
  • Money on goods purchased with a secured loan.
  • Debts for luxury goods which total $1,000 or more which were incurred within 60 days of filing.
  • Cash advances under open-ended credit of more than $1,000 obtained within 60 days of petition.
  • Debts incurred fraudulently, such as lying on a credit application or writing bad tests.
  • Debts resulting from the willful or malicious injury to other people or their property.
  • Debts that you decide not to include in bankruptcy.
  • Debts that you incur after filing for bankruptcy.

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