You must find yourself in such terrible financial situation that you truly believe there’s no way out, short of filing bankruptcy. There are definitely cases where filing bankruptcy is the only option. However, bankruptcy is a serious situation, which needs considerable thought and research before you do it. Recent modifications to bankruptcy laws have made it harder for an individual to file for it. The law is quite complex and there are many requirements, that exclude various types of debts from being erased. For these reasons, you will need to get some direct answers to bankruptcy questions before you commit yourself in court. Some situations may apply to your case. Let’s take a look.

In your bankruptcy filing, there are many types of debts, which the court might not allow to be discharged. For example, if you have obtained a government funded or guaranteed loan for education, you will still be required to repay this debt. If you owe child support or alimony, the court will not discharge this responsibility. Certain debts owed for injuries or death as a result of a DUI will also stand after bankruptcy. In some cases, condominium fees you owe will also have to be paid. There are also tax claims, which are not dischargeable. You can see that having all of these debts may make your bankruptcy pointless. This list may not be comprehensive, so you have to consult an attorney or just do some research on getting some of your answers to bankruptcy questions before you acquire yet more debt.

If you have a criminal conviction, under title 18 of the United States criminal code, where you have been required to pay restitution, bankruptcy will not be any help for you. This debt will remain.