While many debts forgiven in bankruptcy are discharged or restructured when you file for Oklahoma bankruptcy, there are some that you’ll have to continue to pay in full. This is in addition to any secured debts, debts where you have pledged the asset as security such as a house or a car if you want to keep the asset.
The courts look sternly on child support, both in arrears and going forward and are not debts that bankruptcy forgives. Family support is a top priority. No matter how favorably other debts settle, you will have to get current. Then you must continue to pay your child support payments. This means that child support is not a forgivable debts in bankruptcy.
Another debt that you must pay in full is a debt of fines, court costs and debts from criminal cases. These include personal injury or death cases caused by your driving while intoxicated conviction. You can not get out of having to pay the victims the amount of any settlement or judgement nor any financing you’ve taken on to pay them.
Another very common form of debt that is remains after bankruptcy is your student loans. In 2005, banks started to make government guaranteed student loans. The loan could occur regardless of a student’s credit-worthiness. The government would back them up if the borrower could not repay the loan. In return, student loans would no longer qualify as a forgiven debt, and would not qualify for bankruptcy protection. You’ll have to pay your student loan in full.
These are only three of many other debts that are non-dischargeable as a result of bankruptcy proceedings. Any debts you incur in anticipation of filing for bankruptcy, i.e. within 60 days of filing, for luxury goods and services, or any loans you take out within that time period will not be exempt.
The bottom line is that bankruptcy laws in Oklahoma intend to help you to manage your debts. This means that many are debts forgiven in bankruptcy but not all debts. If your debts have you reeling from the constant pressure we want to talk to you.