Many Texas families struggling with personal debt may be considering bankruptcy as an option for a fresh start. While it's true that bankruptcy does provide some debt relief, it does not absolve a person of all types of debt. It may be helpful for those considering bankruptcy to know the common types of debt that aren't eliminated through bankruptcy.

One of the most common themes surrounding higher education news is the amount of debt new graduates have. Student loan debt is one of the types of debt that cannot be wiped clean through bankruptcy. Some exceptions may be granted if a person can prove they are unable to work.

Furthermore, in situations where consumers take a loan to pay for something while they use it, they are taking on secured debt. This type of debt is also not removed through bankruptcy filings. For example, if you have an outstanding balance on your car loan, it will not go away with bankruptcy.

Another prominent example of debt exempt from bankruptcy filings is any divorce payments owed. Declaring bankruptcy does not end the responsibility of paying alimony or child support to an ex-spouse.

The examples listed above are not meant to form an exhaustive list of debt exemptions, but it serves as a reminder that advice from a knowledgeable professional is important to consider when filing for bankruptcy. Someone with the right kind of know-how will be able to clearly explain how your outstanding debts will be affected by the decision to file for personal bankruptcy.

Knowing that your debt might not be completely wiped away by filing for bankruptcy is also a good way for people to prepare plans to reduce their debts. What's more is that if all your debt is exempt from bankruptcy, then it might not be the best option for you. Whatever the case, it's important for people facing financial difficulty to know what their options are and how they will be affected by whatever moves they make.

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