Usually after nine months, the bankrupt will receive a bankruptcy discharge. Meaning once you are discharged from bankruptcy, you will be released from the legal obligation to repay the debts you had from the date you filed for bankruptcy.
You can then start rebuilding your financial life. Some debts; however, cannot be discharged. These include:
- Alimony and child support payments
- Student loans provided it’s been less than seven years since you were a student
- Fine or penalties imposed by a court
- Debt arising from fraud or misrepresentation