Most people that file for bankruptcy do so to cancel their debts and have a fresh start. This is referred to in the law as debt “discharge” and is perhaps the most important feature of a Chapter 7 bankruptcy. However, bear in mind that not every type of debt is dischargeable. A non-dischargeable debt means that you would still be on the hook to pay back the money owed once the bankruptcy process is complete.
Christine Mathias, Business and Estate Planning Attorney