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The Code's Order of Priority In general, the Code provides that secured creditors are entitled to receive the entire value of the collateral securing their claims up to the full amount they are owed. Unsecured creditors, then, get to look to any remaining assets of the estate.
Debts Never Discharged in Bankruptcy Alimony and child support. Certain unpaid taxes, such as tax liens. However, some federal, state, and local taxes may be eligible for discharge if they date back several years. Debts for willful and malicious injury to another person or property.
Money from the sale goes toward paying your creditors. The balance of what you owe is eliminated after the bankruptcy is discharged. Chapter 7 bankruptcy can't get you out of certain kinds of debts. You'll still have to pay court-ordered alimony and child support, taxes, and student loans.
Some common dischargeable debts include credit card debt and medical bills. Other debts such as domestic support and tax obligations are generally non-dischargeable due to public policy reasons. 11 U.S.C.A. § 523 lists out exemptions to dischargeable debts and non-dischargeable debts.
A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code.
If you file under Chapter 7, you will also continue to owe condo, coop, and HOA fees; debts for loans from a retirement plan; and debts you couldn't discharge under a previous bankruptcy. These debts are not discharged, unless you convince the court otherwise: student loans, and. regular income tax debt.
Cal. Labor Code § 2699(a). Fines and penalties for PAGA violations are non-dischargeable in bankruptcy if they meet the four elements of Section 11 U.S.C. § 523(a)(7).
Most people understand that when you file for Chapter 7 bankruptcy, you might have to give up unnecessary or extravagant property. In most cases, you'll make arrangements to turn the property over to the bankruptcy trustee, who will sell it and distribute the proceeds to your creditors.
The bankruptcy estate includes almost all property you own or have an interest in when you file for Chapter 7 bankruptcy. Any assets you acquire or become entitled to after your filing date isn't included in the Chapter 7 estate, with a few exceptions.
Filing for Chapter 7 bankruptcy eliminates credit card debt, medical bills and unsecured loans; however, there are some debts that cannot be discharged. Those debts include child support, spousal support obligations, student loans, judgments for damages resulting from drunk driving accidents, and most unpaid taxes.