ANSWER

Bankruptcy cannot cure every financial problem.

For example, it usually will not eliminate debts owed to “secured” creditors (i.e., creditors who hold an interest in collateral, such as a mortgage or a car note), though it may allow for a restructuring of that debt. It also will not discharge debts that fall into the following categories: some debts incurred within 180 days prior to filing bankruptcy; child support; alimony; court fines and penalties; some taxes, especially those accrued over the past three years; debts not listed on your bankruptcy petition; loans obtained through fraud; student loans owed to a school or government body which became due less than seven years before the bankruptcy was filed, unless payment would be an undue hardship; debts that arise after bankruptcy has been filed; or protect co-signers on your debts (when the primary debtor on a co-signed loan discharges the loan in bankruptcy, the co-signers may still have to repay all or part of the loan).