When you file a Chapter 7 Bankruptcy you are able to discharge most of your outstanding debts. However, their are certain debts listed in the bankruptcy code that can not be discharged. These are the following:
Taxes and tax liens - Did you expect any different? Student loans - The only time you can get out of a student loan is based upon extreme hardship. Alimony and child support that is outstanding (domestic support obligations) - This is based upon the overriding public policy that the "Best Interest of the Child" prevails over everything. Debts obtained through fraudulent conduct, false pretenses or false representation - Again, this is based upon a public policy that the party who is at fault should not be able to get out of paying their debts via bankruptcy. Debts that you failed to properly notify creditors. So, the creditors were unable to file proofs of claim (unscheduled debts) - Creditors must be given notice that you are declaring bankruptcy. If no notice is given you may not be able to eliminate that debt. Debts for fraud while you were acting in a fiduciary capacity, or when you commit embezzlement or larceny - Again, this is a public policy decision. Debts for causing willful and malicious injury - Public policy. Debts for fines or penalties to government entities - Uncle Sam want their money. Debts for judgments in wrongful death or personal injury lawsuits resulting from motor vehicle, vessel aircraft accidents while you were intoxicated - Public policy that people convicted of drunk driving should not be able to get out of their commitments. Condominium or cooperative association fees or assessments - Honestly, I do not know why this is present. Perhaps it had to do with lobbying?
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As you can see filing a chapter 7 bankruptcy will not allow you to get out of obligations where American Society has deemed you blameworthy, you owe Uncle Sam money, and educational spending. However, if you are suffering extreme hardship you maybe able to get your school loans discharged. So, if you feel you may be eligible to get your school loans discharged you need to contact a local attorney.
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