That depends on your debts. Not all debts are cancelled by bankruptcy. If you complete a Chapter 7 Bankruptcy most of your debts will be discharged but some types of debt will remain, even after the bankruptcy process.
If a debt is discharged, then a creditor can no longer initiate or continue any legal action to attempt to collect the debt. However, non-dischargeable debts can still be pursued and those creditors can initiate (or continue) any legal action against you to attempt to collect the debt even after your bankruptcy discharge has gone into effect.
The most common of the above non-dischargeable debts are child support/maintenance, student loans and tax debts. Those debts can not be discharged as part of your bankruptcy and you will still owe them once a bankruptcy has been concluded. Having non-dischargeable debts, will not stop you from being able to file for bankruptcy, but you should be aware that you will still owe those debts after your bankruptcy is completed. In addition, any debt that is reaffirmed as part of the bankruptcy will still be owed at the conclusion of your bankruptcy.
Ultimately, what is and what is not dischargeable by bankruptcy depends on the Federal Statutes and Regulations which control the bankruptcy process. If you have specific questions regarding bankruptcy or how a debt will be addressed during or after filing for bankruptcy, an experienced bankruptcy attorney can help.
Contact us online or call (859) 209-2101 to schedule an apportionment to speak with an experienced bankruptcy lawyer at Hurst & Hurst Law.