Legal Question in Bankruptcy in Michigan

I need to know if all debts, including certain Corporate debts can be forgiven b

I have a large outstanding debt

with a large Corporation that I cannot absolve now or ever as it

has been outstanding for nearly

15 years. I need to know, if I

declare complete bankruptcy, will this debt, along with my others

(including credit card debt)??


Asked on 2/03/01, 12:21 pm

1 Answer from Attorneys
Don Darnell Darnell & Lulgjuraj, P.C.

Re: I need to know if all debts, including certain Corporate debts can be forgiv

In a chapter 7 (liquidation) all unsecured debts are discharged - with the exception of student loans, taxes less than 3 years old, and obligations for alimony or child support. And of course any debt that arose due to the fraud of the debtor, for example, a debt to repay funds that were embezzled by an employee. This covers the normal catorgories of debt, but there are other considerations beyond the scope of this forum.

You should consult an attorney in your area to discuss the dischargability of your debts, and if you are otherwise eligible for any chapter of bankruptcy.

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Answered on 3/19/01, 8:21 am


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