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Things not covered under bankruptcy protection.

Here is a list of some debts not discharged in bankruptcyThe past several years have shown a strong resurgence in bankruptcy filings. 2010 brought on a 5 year high in filing. Bankruptcy is an option of last resort for millions of people who are clearly unable to meet their debts. It is a dramatic financial move that has serious, long term negative affects on your ability to favorably negotiate future financial issues. However, it also eliminates many of the debts that may be crushing your ability to live a minimally acceptable standard of living. As an individual you should review all options available before taking on the consequences and expense of bankruptcy.

Many people see bankruptcy as a fresh start, but they may not realize that bankruptcy protection does not eliminate all types of debts. The following is not an all-inclusive list, but rather an example, of some debts not discharged through Chapter 7 bankruptcy. Consult a bankruptcy attorney for specifics relevant to your own individual situation.

-Back taxes up to 3 years old
-Alimony owed
-Child support
-Intentional tort claims
-Money owed for property of money obtained under false pretenses
-Student loans
-Unscheduled claims
-Judgments against you as a result of you driving while intoxicated
-Claims from a previous bankruptcy where you were denied a discharge
-Consumer debts of more than $500.00 for luxury goods and services owed to a single creditor within 40 days of being granted relief
-Debts based on fraud, embezzlement, misappropriation, or defalcation against the debtor acting in a fiduciary capacity
-Cash advances up to $1,000.00 as extensions of open-end consumer credit obtained by the debtor within 20 days of the relief

Source: Personal Financial Planning, Theory and Practice 6th Edition

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