Does Bankruptcy get rid of all debts
Does Bankruptcy get rid of all debts?
Not necessarily. Some examples that you cannot discharge are alimony, child support, certain property settlement agreements in divorce, certain income tax liabilities, Department of Revenue sales tax liability, Internal Revenue Service pay roll taxs or trust fund liability, and most student loans. Also, many debts created by fraud, embezzlement, or conversion can not be discharged. (An example of this would getting a large cash advance on your credit card just before filing. That could be considered fraud). So, the short answer is no, you cannot get rid of all debts