WHAT DOES IT MEAN THAT I HAVE NONDISCHARGEABLE DEBTS?

When you are looking into a fresh start, it may be disappointing to find that in any bankruptcy ruling there are certain debts that just won’t ever go away. These debts are called nondischargeable debts and while you may wonder what the benefit of bankruptcy is if you cannot get relief in these areas, keep in mind that the debts that are discharged should substantially ease the pain in paying these tenacious debts.

What is also important to keep in mind is that you may want to keep paying some debts even after bankruptcy. A mortgage on your home is not itself nondischargeable: your personal liability can be discharged, but the lender’s lien on the home survives, so if you want to keep your house you must continue making the payments. Certain nondischargeable debts include:

• Alimony payments you've been ordered to pay in court.
• Child support payments.
• Student loans funded by the US government, unless repaying them would be an "undue hardship," which must be proven in a separate court proceeding.
• Fines associated with a criminal conviction or DWI/DUI.

Creditors can file a nondischargeability action to forbid you from discharging debts like funds or property that you obtained through fraud or false pretenses and financial obligations resulting from the misappropriation of funds when you were acting in some sort of fiduciary capacity.

If you are considering filing for bankruptcy, you may be doing yourself a disservice to not consult a Florida bankruptcy attorney who can answer your questions and provide you with a clarity and peace of mind that bankruptcy the absolute right option. While there may still be some debts you are obligated to continue paying after bankruptcy, overall you should realize a great financial relief from debts and a fresh financial start.