Photo by Morning Brew on Unsplash Should you be incurring new debt if bankruptcy may be on your horizon? What are the risks and potential consequences if you do? Two weeks ago we listed 5 crucial things you’d benefit from learning about if you’re thinking about bankruptcy: if bankruptcy is indeed the best option for you how Chapter 7, 11, … Read More
The main goal of bankruptcy is often to write off–“discharge”–your debts. Here’s how it works in Chapter 7 “straight bankruptcy.”
In most straightforward Chapter 7 cases all debts not secured by any collateral are discharged–forever written off. You pay nothing on them.