What Can't Bankruptcy Do for Me?
There are some debts that bankruptcy will not help you with:
- Generally bankruptcy will not help you against a secured creditor, unless you are willing to relinquish the security interest. This may be a good option for an upside down property or mortgage where the asset is worth substantially less than the amount that is owed on the loan.
- A bankruptcy will not help you eliminate alimony or child support obligations
- Generally you cannot wipe out student loans, unless you have an undue hardship so that would would not be able to use the training you received.
- A bankruptcy will not often let you eliminate tax debt. Although you may be able to reduce it in some situations.
- A bankruptcy will not eliminate debts that are not included in the bankruptcy.