Asked by Britanny Espinosa on May 31, 2024
Verified
While certain debts of an individual are not dischargeable under Chapters 7, 11, and 12, all debts are dischargeable under Chapter 13's "hardship discharge" provisions.
Dischargeable
Pertaining to debts, a condition under which debts can be legally released or forgiven, often in the context of bankruptcy.
Hardship Discharge
A release from certain types of obligations or debts due to extreme financial difficulty, often in a bankruptcy context.
Chapters 7
A reference to Chapter 7 of the United States Bankruptcy Code, which provides for the liquidation of a debtor's assets to pay off creditors.
- Recognize the scenarios where debts can be forgiven upon declaring bankruptcy.
Verified Answer
DG
Denaya GlantonJun 02, 2024
Final Answer :
False
Explanation :
While Chapter 13 does provide for a hardship discharge, not all debts are dischargeable. Certain debts, such as taxes, student loans, and certain court judgments, may still not be dischargeable even with a hardship discharge.
Learning Objectives
- Recognize the scenarios where debts can be forgiven upon declaring bankruptcy.