St. Louis residents considering bankruptcy will be interested to learn that, upon filing for bankruptcy, not all types of debt may be eliminated. Before filing for bankruptcy, it is important for Missouri residents to know exactly what types of debt they have and to educate themselves with regard to the options for wiping out that debt.

In most cases, the following types of debts cannot be eliminated by filing for bankruptcy:

• Secured debt

• Student loans

• Alimony or child support

• Restitution

• Car wrecks caused by the influence of illegal substances or malicious intent

• Income tax debt

• Ex-spouse credit card debts or legal fees

Although the above is true in the majority of cases, there are a few very limited exceptions. In the case of secured debt, if a debtor surrenders the item to which the secured interest is attached -- such as a vehicle -- then the monetary debt will be eliminated. In the case of student loans, if the borrower can prove that he or she has suffered a permanent disability, then the student loan debt may be eliminated.

Although some debts might remain after a bankruptcy filing, there are still numerous debts that can be wiped out. Chapter 7 and Chapter 13 bankruptcy will deliver different types of relief to individuals who are experiencing financial hardship and considering bankruptcy.

If someone is experiencing continued creditor harassment and has large amounts of unsecured debt, Chapter 7 bankruptcy may be the best option. Chapter 7 discharges most debts and prevents creditors from continuing harassment or seeking collection options. There are some exceptions to Chapter 7 filings and eligibility, so it may be best to seek assistance from a legal professional who focuses on bankruptcy.

Chapter 13 bankruptcy may be the best option if a person is facing foreclosure on a home and is worried about giving up assets and life savings. Upon filing for Chapter 13 bankruptcy, the debtor will be able to stop the foreclosure of the home while a payment plan is implemented that will assist in paying off debts and getting back to a less stressful financial situation. Chapter 13 allows an individual to keep assets, and after fulfilling a debt repayment plan for three to five years, the remainder of the debt will be forgiven.

Before filing for bankruptcy, it is important to know the details of your situation, your options and what type of relief they may provide.

Source: Fox Business, "Debts That Can't Be Wiped Out in Bankruptcy," Justin Harelik, Jan. 31, 2012