Bankruptcy Code 523 – Exceptions To Discharge Of Debts

bigstock Bankruptcy Document With Bills 5608421 Bankruptcy Code 523 – Exceptions To Discharge Of DebtsHere is some news for consumers who falsely believe that filing for bankruptcy will wipe your slate clean of creditors attempting to recoup their money. Under Bankruptcy Code 523 there are a number of debts that will remain the responsibility of the debtor, even if, he/ she successfully files for bankruptcy.  Among these exceptions include any money or property obtained through false pretenses or fraud, tax liens, student loans and criminal fines.

The person who is filing for bankruptcy should be aware that court ordered payments such as alimony, child support and maintenance are also exempt from protection under bankruptcy rules. If in your particular case there are any of the aforementioned debts, it would be best to consult a lawyer regarding the best way to proceed under the circumstances. It is important to be aware and fully understand all the exceptions that Bankruptcy Code 523 allows for while filing for bankruptcy.

In many cases, after consulting with lawyers, filing for bankruptcy does not seem as much of a financially sound planas it had before. It is important that you educate yourself regarding the Bankruptcy Code 523 before taking this drastic step. The financial implications affect your stability now, as well as, in the future.

Source:  Bankruptcy Code 523 – Exceptions To Discharge Of Debts

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