If you owe child support, bankruptcy won't change that. But many debts, like credit card debts and hospital bills, will be discharged for good. Cons of a Chapter 7 or Chapter 13 bankruptcy.

Filing for bankruptcy can provide serious relief from your mounting debt, but there are a few things to know first.

However, not all unsecured debts can be discharged under Chapter 7. "Taxes, student loans, and child support obligations are generally not dischargeable in bankruptcy," Mortenson says. When it ...

Once you file, an automatic stay goes into effect, which is a powerful legal protection that stops creditors from pursuing collection actions against you, including phone calls, wage garnishments and ...

If you file for Chapter 7 bankruptcy, or liquidation bankruptcy, you can eliminate most unsecured debts. However, you can't erase unpaid alimony or child support. You'll have eligible debt erased ...