Discharging Your Debt

Discharging Your Debt in Chicago

Dischargeable Debt in a Chicago Bankruptcy

The bankruptcy process was put into place so that people who were plagued by financial problems could stop the downward spiral of debt and have the opportunity to get a fresh financial start. Although bankruptcy is not the answer to every financial problem, there are huge advantages that could be beneficial to you in your situation. Anyone who is suffering from creditor harassment or foreclosure action is aware of how stressful financial difficulties can be.

Our Chicago bankruptcy lawyer is dedicated to assisting those that are facing a financial crisis. Bankruptcy protection can give people the second chance they need and deserve. Owing money to debt collectors does not make you a bad person or even make you someone that does not keep their word. There are many reasons you may be facing the situation that may be out of your control.

Those faced with debts often run into sudden circumstances:

  • Divorce
  • Loss of employment
  • Illness
  • Medical bills
  • Other unforeseen situations

We've helped countless individuals save their houses, cars and other possessions. Chicago Bankruptcy Attorney Joseph P. Doyle has helped countless clients get a fresh start and discharge their debt. Our extensive experience in bankruptcy allows us to devise a tailored plan for each of our clients.

We can assist you if the debt is incurred in the following ways:

  • Credit card expenses
  • A costly divorce
  • Unmanageable medical bills
  • Other unforeseen circumstances

What Type of Debt is Dischargeable?

One of the biggest advantages of filing for bankruptcy in Illinois is that most of your debt can be discharged and you may no longer be responsible for paying it back. It is important to understand, however, that not all debts are dischargeable through this process. At the conclusion of the bankruptcy process, you may still have debt that you are legally required to repay.

This will not include the following:

  • Credit card debt
  • Rent that is past due
  • Medical debt/hospital bills
  • Collection agency accounts
  • Business debt
  • Bad checks

What Type of Debt is Non-Dischargeable?

Although filing for bankruptcy is a practical way to eliminate a substantial amount of debt, there are some forms of debt that are considered to be "non-dischargeable." This means that you can still be legally responsible for repaying them when the process has been concluded. Even so, it may be much easier to make these payments once all of your dischargeable debt has been eliminated.

Some of the debts that cannot be discharged in bankruptcy:

  • Student loans
  • Child support/alimony
  • State and federal taxes
  • Debt not included on the petition
  • Housing or rental fees
  • Personal injury damages
  • Government fines

Discharging Debt with Our Chicago Bankruptcy Attorney

One of the main benefits of bankruptcy is to discharge your unsecured consumer debt. Depending on which type of bankruptcy you file, you could be free from all or a portion of what you owe to certain lenders or bill collectors. Once the debt is discharged, you are completely free from that obligation.

In addition, creditors are not allowed to contact you again about the debt. Although there are certain types of debt that cannot be discharged under Illinois law, there are still many types of dischargeable debt. Find out more about it from our lawyer. We are prepared to find the best solution for your debt problems.

Call our bankruptcy law firm now for more information.

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Bankruptcy is an Opportunity for a Fresh Start

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