If you've looked into bankruptcy as a way to relieving your debt, you may run across a few terms that are hard to understand, such as dischargeable and non-dischargeable debts. A discharge itself is the legal elimination of your debts--and the fresh start to your new life. It prevents your creditors from continuing to harass you. But what debts are included in your discharge?
If a debt is dischargeable, it means that it can be eliminated through bankruptcy. The kinds of debts that are able to be discharged in a Missouri or Illinois Chapter7 differ a bit from Missouri or Illinois Chapter 13 but the list typically includes personal loans, credit card debt, car accident claims, medical bills, leases, tax debts over 3 years old, etc. The amount of debts that can be discharged in a Chapter 13 is even more. Either way, a qualified and experienced St Louis Missouri or Belleville Illinois bankruptcy attorney can help you determine which of your debts fall under the dischargeable category.
If a debt is non-dischargeable, it is one that cannot be completely eliminated in a bankruptcy. Fortunately, the list of debts that cannot be eliminated is shorter than those that can. Non-dischargeable debts include recent tax debt, student loans, child support and alimony, and criminal fines, among others. The roll of debts for Chapter 13 is even more brief.
If you've crossed bankruptcy off your list of options because of the debts that can't be discharged, you may not be thinking about the whole picture. Typically, the amount of debt that can be discharged is enough to substantially change your life and your financial future. As any Missouri or Illinois bankruptcy lawyer will tell you, the effect that bankruptcy will have on your life varies from person to person and you should consider speaking with an attorney before deciding against it or even for it.
If you still aren't sure that bankruptcy is the right way for you to get protection from foreclosure, credit card debt help, or relief from the relentless actions of your creditors, consider getting more information. Remember, over 1.3 million people last year chose to file bankruptcy and get rid of their dischargeable debts. Don't sell bankruptcy short when it comes to how it can change your life. Look for free information from reputable attorneys in your area. A lot of attorneys will offer to speak with you for free but how many will offer you free blogs, answer your most important bankruptcy FAQ, or even publish free books for you before you step foot into an office.
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