People who find themselves in an insolvent state financially may not know how to deal with the difficulties they face. In times of serious financial crisis, persons may turn to bankruptcy to help deal with mounting debts and financial obligations that they cannot meet. During bankruptcy proceedings, certain debts may be discharged and some assets may be retained, but certain debts may not be removed, no matter what the specifics of the person's financial situation are.
Individuals who file for bankruptcy are often looking to gain financial freedom and wish to get a chance at a "fresh start". Certain debts like credit card debt and other financial obligations may be discharged by the judge, and although the applicant may face difficulties obtaining credit for a few years, the person may see great advantages in the future.
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When it comes to obligations like child support, it is not possible to obtain a discharge, regardless of your personal situation. Support for dependents is an important financial responsibility and even persons facing serious monetary struggles should be required to maintain payments to help their children. The law recognizes this and makes it clear that such debts cannot be escaped, even by filing bankruptcy.
Some individuals may face additional financial obligations as a result of taking care of their children. Medical bills accrued by children also cannot be discharged, regardless of how expensive the procedures were or how heavy the burden may be on the person's budget. As with support payments, these obligations usually remain intact, even as other debts are removed.
Fortunately, people who file for bankruptcy may find that other difficult debts are removed from their lives and they may be able to re-structure their budgets to manage money much better. This freedom may make it much easier to maintain timely child support payments and pay off medical debts as a result. With other debts out of the way, persons going through bankruptcy may find it easier to pay off the debts that were not discharged.
If you are considering filing for bankruptcy, it is wise to consult an experienced bankruptcy attorney for help with filing, hearings, and the discharge of debts. Bankruptcy can be a confusing process for people unfamiliar with the process, and having experienced legal advice may be very helpful. If you would like to know more about bankruptcy proceedings, visit the website of the Boston bankruptcy attorneys of Joshua Spirn & Associates.
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