What are Dischargeable Debts?
Through bankruptcy, many debts can be "discharged." Discharging a debts means that it is completely eliminated. You will not be required to repay the debt, and your creditors are legally prohibited from attempting to collect the debt. That protection is guaranteed once a liability has been discharged through bankruptcy.
Many liabilities can be discharged when you file for a bankruptcy. However, there may be some liabilities that you will be responsible for paying off, even after filing bankruptcy. These types of liabilities are non-discharging liabilities. A person with these types of debts will be required to pay these debts regardless of filling bankruptcy.
How Does Bankruptcy Work, Bankruptcy Law Attorneys, Chicago Bankruptcy Attorney,
Discharging liabilities through bankruptcy will allow you to get out from under the crushing weight of debt. An experienced bankruptcy attorney can make sure that you can get on with your life after you file for bankruptcy.
Non-Dischargeable Liabilities in a Bankruptcy
In general the following debts will not be cleared through a bankruptcy:
Alimony
Child Support
Recent Taxes
Debt from a fraud conviction
Debt from a DUI conviction
Debt from a malicious injury conviction
Debt from other criminal activities
Most student loans
Meet With a Bankruptcy Attorney
The laws affecting dischargeable and non-dischargeable debt can change. To make sure that you are eliminating all of the debt that you legally can you need to speak with an experienced bankruptcy attorney. Your attorney will sit down with you and help you evaluate your situation and make sure that you get everything you can out of your bankruptcy.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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