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Bankruptcy doesn't discharge every debt you have

Some people think of bankruptcy as a way to quickly wipe the slate clean, eliminating all debt in one quick move so that nothing is owed. This can happen, but only if you have the right types of debt. Bankruptcy doesn't always get rid of everything.

What is the main reason people file for bankruptcy?

People file for bankruptcy for a lot of reasons, and there is sometimes the assumption that irresponsible spending was involved. However, this is not nearly as common as people may assume. Studies have actually shown that the No. 1 cause of personal bankruptcy in the United States is something you may not be able to avoid: Medical debt.

Showing that student debt is an undue hardship

Generally speaking, you can't get rid of student loan debt if you declare bankruptcy. However, there is one way to do this, and it's by showing that the debt is an "undue hardship." There are three basic things that have to be shown in order to use this reasoning:

The difference between Chapter 7 and Chapter 13 bankruptcy

There are several different forms of bankruptcy, but for most individuals considering bankruptcy protection, the choice comes down to Chapter 7 or Chapter 13 bankruptcy. Obviously, these do not work the same way. What is the difference?

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