Debt Information for Consumers
Boston-Area Bankruptcy Lawyers Serving Communities Such As Stoughton, Braintree and Quincy
At the end of the bankruptcy process, your dischargeable debt will be eliminated. However, many people still have remaining nondischargeable debt. While this may seem slightly discouraging, it is important to remember that eliminating one type of debt "frees up" your money to pay for the other type. At our Braintree and Boston bankruptcy offices, we can help you to plan ahead so that any debt that cannot be discharged is accounted for in your financial plan going forward.
Dischargeable Debt vs. Nondischargeable Debt
Our Massachusetts lawyers help clients understand their options and provide them with information about the debts they can and cannot discharge through bankruptcy:
- Dischargeable debt includes all unsecured debt such as credit card debt, medical debt and personal loans
- Nondischargeable debt includes tax liabilities, criminal restitution penalties, child support, spousal support and student loans
While you cannot discharge all kinds of debt, it is possible to pay off the nondischargeable debt. For example, if you owe thousands of dollars in student loans but have been unable to pay the loans due to medical bills, credit card bills and other bills, the medical and credit cards can be discharged. Your resources can then be put toward paying your student loans.
More importantly, some people mistakenly incur nondischargeable debt, such as failing to pay taxes or child support liabilities, in order to make payments on dischargeable debt. Financial planning is an important part of the bankruptcy process. Our bankruptcy attorneys will help you make sound financial decisions going forward to maximize your assets and minimize your liabilities.
We offer free initial consultations. To schedule yours, please call 781-848-8545. You may also contact us online. We can arrange evening and weekend appointments to accommodate your schedule.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
