money sectionmoney sectionBankruptcy makes most of your debts go away, but not necessarily all of them. Depending on whether you file for Chapter 7 or Chapter 13 protection, you have options to try to maintain some of your loans if you can afford to keep paying them. Otherwise, your discharge closes out your other accounts and eliminates those debts.
If you make an agreement with someone else to allow her to use your land or to allow you to use her, the agreement is called an easement. When the landowner files for bankruptcy, it doesn't automatically erase the easement, because an easement is not a debt -- it is a contract. However, your bankruptcy trustee may choose to void the easement rather than take over the enforcement of the agreement once your property passes into his hands.
A Chapter 13 bankruptcy offers you the ability to pay off debts over a three- to five-year period. After filing for Chapter 13 bankruptcy you reach a juncture at which canceling or terminating the case is advisable from your perspective. A specific process under the U.S. Bankruptcy Code permits you to cancel or terminate your Chapter 13 bankruptcy case.
