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bankruptcy discharged debts consumer bankruptcy
Under the new bankruptcy law the list of debts that cannot be discharged is expanded. What are the new debts that can’t be wiped out?
All domestic support obligations are now non-dischargeable regardless of whether they are for alimony, support or a property settlement.
Privately funded student loans are now treated the same way as loans guaranteed by a governmental agency and loans made or funded by a governmental agency or nonprofit institution. These loans are not dischargeable except upon a showing of undue hardship.
Just as was true under prior law, certain credit-card transactions on the eve of bankruptcy are presumed fraudulent and, therefore, nondischargeable, but the debtor can continue to rebut the presumption. The transactions affected are luxury goods and services totaling more than $550 within the past 90 days and cash advances of $825 or more received within the past 70 days.
A debt incurred to pay a nondischargeable tax to any governmental unit, and not just the U.S. government as under prior law, is no longer dischargeable. This change will primarily affect debtors who have paid taxes with a credit card.
Debts to pay fines or penalties imposed under federal election laws are now not dischargeable.
Debts to qualified retirement plans are now not dischargeable.
The so-called “super discharge” in Chapter 13 is not nearly so broad as it was under prior law. It is no longer possible to discharge taxes for which required returns were not filed or for which fraudulent returns were filed, or debts incurred by fraud or defalcation. While it is still theoretically possible in Chapter 13 to discharge debts for willful and malicious injury to person or property, a debt involving willful or malicious injury causing personal injury or death to an individual cannot be discharged.
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