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Using personal bankruptcy to discharge debt

Facing financial challenges is an unfortunate but necessary part of everyday life for millions of Americans, including many Escondido residents. The national economy has, fortunately, rebounded from the depths of the so-called "Great Recession," but the effects from that period of time are still being felt by many people. Some people, perhaps even some of our readers, may have gotten through those tough times only be relying on credit cards when their income suddenly wouldn't allow them to pay their monthly bills. And those very people could still be in the process of attempting to pay off those balances.

For some people, the debt they face is simply too daunting. They feel like there is no realistic possibility that they will be able to repay those loans or pay off those credit card balances. And in that type of situation, they may begin to contemplate whether filing for bankruptcy is the right move.

Chapter 7 bankruptcy, in particular, is one option for eliminating debts. Indeed, attempting to find some type of debt solution is usually the primary motivating factor for people who decide to file for Chapter 7 bankruptcy. Once the bankruptcy process is complete - a process that can sometimes only take a few months - the debtor will no longer be legally required to repay many of the debts they had going into the process.

However, it is important to note that not all types of debt can be discharged through a bankruptcy filing. Each case is unique but certain debts, such as student loans and child support, typically cannot be discharged in a bankruptcy filing.

Source:, "Bankruptcy," Accessed Aug. 30, 2015

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