How are debts classified in bankruptcy?

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debts classified bankruptcy-law

How are debts classified in bankruptcy?

Debts are divided into two categories: dischargeable and non-dischargeable. Dischargeable debts are those that the debtor is no longer personally liable to pay after the bankruptcy proceedings are concluded. Non-dischargeable debts are those that are not canceled because of the bankruptcy proceeding. This means that you are still responsible for paying, whether you declare or do not declare bankruptcy.

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