Question

Which of these debts could possibly be forgiven under Chapter 7 bankruptcy? A. Credit Card Debt B. Child Support C. Alimony D. A Student Loan

Answer 1

Chapter 7 - Bankruptcy is a very beneficial means for those facing severe financial uncertainty or debts. And even though it cannot remove all your liability, it can help you eliminate a number of arrears so you can begin working to reestablish your credit score. These are the debts which are not forgiven in Chapter 7: student loans, child support, alimony payments, majority of taxes you owe and secured or collateral debts.

So the answer is A. Credit Card. A credit card debt can be forgiven under chapter 7 because it is the main reason why people file for bankruptcy just to discharge their credit card balance.

Answer 2

Debt is anything owned by a person to another. The debt that can be forgiven in chapter 7 is credit card debt.

What is debt?

Debt is anything owned by a person to another.

Chapter7 is about bankruptcy and it's one of the most important chapters in real life as well. It helps us to understand the liabilities that can hold a person back.

Since in the given options, all the debts such as Child support, alimony, and student loan are the amount that is needed to be paid because these debts are secured or collateral debts.

But, a credit card debt can be forgiven, this is so because most people file for bankruptcy just to discharge their credit card balance.

Hence, the debt that can be forgiven in chapter 7 is credit card debt.

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