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Which of my debts will not disappear via Chapter 7 bankruptcy?

Chapter 7 bankruptcy could allow you to wipe out a lot of debt if you can get approved for the process. However, there are certain types of debt that you probably won't ever be able to legally walk away from. What follows is the short list of debts that tend to be immune from the Chapter 7 process. If the vast majority of your debt happens to fall into one of these categories, it's highly likely that you won't be able to make it disappear:

Loan and debt scams: Mortgage flippers will ruin you financially

Navigating the loan market as a consumer can feel like you're walking through a minefield of potentially bad decisions and scams. The problem with getting scammed on a loan is that victims can suffer a lifetime's worth of debt consequences in "scams" that are just legal enough that the victims don't have any real recourse.

When should you file for bankruptcy?

Deciding when bankruptcy is appropriate for your debt situations may be a difficult decision to make. Especially if you ask around to your friends who have tried bankruptcy, you could get different answers, making it hard for you to see your choices clearly.

Can bankruptcy prevent my home foreclosure?

The last thing any homeowner wants to happen is foreclosure. The fears associated with this process are even worse if your spouse and children live with you in your home. That said, there are many people who have delayed and prevented their foreclosure proceedings through a strategic bankruptcy filing. Chapter 13 bankruptcy may be particularly useful to homeowners in this regard as it's a way to restructure your debt, giving you some breathing room and making it affordable to get back on financial track again.

Important facts about Chapter 7 bankruptcy

There are a lot of misconceptions and false information floating around about Chapter 7 bankruptcy. Because some of this false information is so common, it's understandable that many people seeking bankruptcy will initially believe it. If you're really serious about using bankruptcy as a process to get back on track, keep reading. You might need to educate yourself about common myths.

What's the No. 1 reason to file for bankruptcy?

When you think about bankruptcy filings, you probably assume that most people file because they got behind on their credit card payments. Maybe they put too much money on their credit card in order to buy a flight overseas, or they put too much money on their credit card to buy Christmas presents and they got in over their heads. Although many people do file for bankruptcy because of these kinds of financial mistakes, many people end up filing for bankruptcy for an entirely different kind of reason: medical debt.

Is it true that bankruptcies have dropped by 50 percent?

Personal bankruptcies have fallen by a whopping 50 percent. Less and less Americans are filing for bankruptcy, with half as many people filing for bankruptcy in 2017 compared to 2010. What's the reason? Many experts are pointing to the Affordable Care Act (ACA), which has helped numerous Americans obtain health insurance who didn't have insurance before.

Chapter 7 bankruptcy: Should it be your first choice?

Most people look at Chapter 7 bankruptcy as an embarrassing process that they should avoid at all costs. In fact, most bankruptcy filers wait until the last possible moment before filing for bankruptcy because they feel it's a "last resort" option that indicates failure and "giving up." This perspective couldn't be any further from the truth. In fact, if you can qualify for Chapter 7 bankruptcy, the sooner you start the process, the better off you'll be.

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