Dischargeable debts refer to those financial obligations that can be eliminated or erased through bankruptcy proceedings. When an individual or business files for bankruptcy, certain debts may be discharged, meaning the debtor is no longer legally obligated to repay them. The specific types of debts that can be discharged depend on the bankruptcy chapter filed and the applicable laws. Common examples of dischargeable debts include credit card balances, medical bills, personal loans, and certain types of contractual obligations. However, not all debts are dischargeable, and some obligations such as child support, alimony, certain tax debts, and student loans typically cannot be discharged through bankruptcy.
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This glossary post was last updated: 29th March, 2024.
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