G. Mark Albright Banking Law Blog on Lawyers.com

What Debts Will Bankruptcy Wipe Clean?

Tuesday, December 15, 2009 by G. Mark Albright

Under federal and Nevada state bankruptcy law, not all debt qualifies for reduction or elimination.  Depending on each individual situation, you may not be able to eliminate such items as child support, alimony, taxes, student loans, and such secured debt as mortgages and car payments.  Bankruptcy attorneys in Las Vegas can work with you to identify the debt that must be repaid in full, no matter which form of bankruptcy you file.

But, unsecured debt does not have to be repaid in full, and it may even require no further payment.  Bankruptcy lawyers in Las Vegas understand the legal details involved in discharging unsecured debt, which is the debt that is not backed by assets.  Your attorney will explain the differences between how debt is handled in the different forms of bankruptcy, but some examples of unsecured debt include the following:

  • Credit and store card debt
  • Medical, legal, and other bills
  • Personal loans that are not secured with collateral
  • Membership fees, such as those charged by health clubs

Of course, it is critical that you provide a complete, detailed accounting of all debt at the time you file bankruptcy because even unsecured debt must be legally discharged as part of the bankruptcy process.  Bankruptcy attorneys in Las Vegas understand how to apply the federal and state laws to your best advantage when discharging your debt.

Las Vegas bankruptcy lawyers, such as the Las Vegas Nevada lawyers of Albright, Stoddard, Warnick & Albright, can help you get a fresh start by working with your creditors to discharge the most debt allowed by law.

Posted at 15:34 PM
Topic: Banking Law
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