What Debts Are Not Wiped Out With Bankruptcy, And How To Pay Them
You probably know that when filing for bankruptcy, certain debts cannot be wiped off your record or discharged. To find out what types of debts you will still have to pay, read on. You will also find out some options you have for paying down or getting help for those debts.
Student loans, whether subsidized or unsubsidized, will still need to be paid. If you need to, you can get a deferment, which will temporarily relieve you from making student loan payments for up to a year. You can qualify if you are financially unable to make the payments. Qualifications include unemployment or any financial hardships rendering you unable to make the payments.
If you find that you have loans you cannot pay, keep in contact with your loan company collectors. They will help you to know what your options are, and help you follow the steps and fill out the necessary forms.
If you have any money to spare, put it towards your student loans. Whatever you can pay, do it. Otherwise you could find that your tax refund will be garnished and put toward the loans. Also, if you can, pay weekly payments, so that the interest accrues at the lowest possible rate. You can save hundreds of dollars doing this.
Child Support or Alimony
If you are behind on child support or alimony payments, the best thing you can do is start paying what you can. If your job does not pay enough for you to pay arrears, make sure the state knows how much you make. You may be able to get an adjustment on the child support you pay from now on, but you will not get what you already owe adjusted.
It may be a tough pill to swallow, but this is one debt that you will just need to pay off the best you can. Just remember that any payment you make is helpful to your child or children. It may be tempting to give up, but you simply need to pay what you owe. You may have to get a second job or find a job that pays more.
Speak to a lawyer from a firm like http://wfactorlaw.com or state representative to see what options you have to adjust your child support or alimony payments. In some states, if you file Chapter 13 bankruptcy, you can possibly get the interest suspended. See what you can do, and do not lose hope.
Taxes, be they state or federal, must be paid. If you have not filed your taxes with the IRS in the past few years, do so as soon as possible. If you still owe taxes that you have not paid, find out how you can make payment installments or request more time to pay the taxes you owe. If you think that paying taxes is optional, you will learn in time that you will pay one way or another. By not paying, you could risk being ineligible for Social Security in your future, or getting your wages garnished. Worst case scenario is you could be facing imprisonment.
After filing bankruptcy, you must make a budget, pay what you owe, and learn to live with less. You can get help via financial counseling, but you must seek help.