There are a few debts that can be wiped out with bankruptcy, or by negotiating a settlement if you genuinely are not able to pay the debts off.
Others never go away until you pay them off no matter what.
If you owe state or federal taxes those can't be wiped out by bankruptcy and you've got very little negotiating ability. You definitely don't want an IRS lien on your credit report, either. You surely can work out a payment plan, but be mindful that you'll indeed have to pay interest. Additionally, the IRS is one of the few that can garnish your wages without suing you. If you have a tax debt, it is just best to get this out of the way immediately and to do whatever it takes to eliminate it.
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If you owe money for child support or spousal support, filing for bankruptcy will not stop or discharge that.
If you have a judgment against you for a drunk driving accident, you can't have this discharged through bankruptcy.
If you have a judgment against you for malicious and or willful acts then chances are it will not be dismissed through a bankruptcy.
If it's ascertained that you lied or committed fraudulence in order to borrow money, that debt most likely not be discharged by bankruptcy.
Student loans also can't be cleared by bankruptcy.
These are just a few of the debts that can not be wiped out by filing for bankruptcy, so it is crucial to seek counsel from a qualified bankruptcy lawyer who's acquainted with bankruptcy laws before you consider bankruptcy. Also keep in mind that bankruptcy typically is not necessary and should only be considered if you are backed into a corner and you have tried EVERYTHING else possible first. A bankruptcy filling will stick around with you for 10 years.
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