Filing for bankruptcy is always the last resort for people who have built up debt. Most people like to rule out all other options first before making the decision to file. Chapter 7 bankruptcy in New York is not much different from other states as there will be debts leftover from the filing.
Be aware that not all debt can be discharged in a Chapter 7 bankruptcy filing. Because of this, you should prepare yourself ahead of time to have debt leftover to your name once the filing is complete.
Some of the most common leftover debt after filing for Chapter 7 includes the following:
– All debts and creditors that are kept off the bankruptcy schedules filed at the beginning of the case.
– Any recent taxes at the local, state and federal levels.
– Almost all types of student loans. Some can be discharged in Chapter 7 if paying those loans would cause the debtor undue hardship.
– Spousal and child support payments.
– Any debts that are owed for condominium fees or dues.
– Any fines, repayments or restitution as imposed by the government.
– Debts owed to pension plans.
– Prior non-dischargeable debts from previous bankruptcy cases.
– Court fees.
– Prior non-dischargeable debts from previous bankruptcy cases that were due to fraud on the part of the debtor.
– Any debt accrued due to wrongful death or personal injury cases stemming from driving under the influence.
– Debts accrued due to malicious acts.
– Debts accrued due to fraud.
– Debts from a court decree or divorce settlement.
– Debts from breach of fiduciary duty, embezzlement, fraud or larceny.
As you can see, there are quite a bit of categories of debt that cannot be discharged when filing for Chapter 7 bankruptcy in New York.
Visit our site today to learn more about Chapter 7 bankruptcy and the debts you will still have leftover after filing in Long Island, New York.