Chicago Chapter 7 Discharge

Dischargeable And Nondischargeable Debts Under Chapter 7

North & Sedgwick Law advises Illinois individuals and families about their debt relief options, including the possibility of filing for Chapter 7 bankruptcy. Attorney Paul Camarena has 10 years of experience in federal court. He understands the nuances of this type of bankruptcy and what debt can and cannot be eliminated.

In essence, Chapter 7 will discharge all unsecured debts. This includes credit card bills, medical bills and payday loans. Certain other kinds of debt are nondischargeable and include child support obligations, fraud-related debt, customs debt and some tax debt.

'Will I Lose All My Property?'

One of the greatest concerns people have is losing all of their hard-earned property and assets during the bankruptcy process. The truth is that the federal Bankruptcy Code provides exemptions that state the amount of different kinds of property you are allowed to keep. If your assets in a certain area are worth more than the exemption amount, the bankruptcy trustee has the right to sell that excess to help repay your creditors.

However, the good news is that the vast majority of individuals who file for Chapter 7 have "no asset" cases. This means that they do not have to give up any property at all.

Call A Bankruptcy Lawyer For Chicago, Berwyn And Cicero

Request a free initial consultation to learn whether filing Chapter 7 bankruptcy is right for you. Simply call North & Sedgwick Law at 312-878-8429 to arrange an appointment. You can also contact the firm via email.

El abogado habla español.

†The firm is a debt relief agency and helps people file for bankruptcy relief under the Bankruptcy Code.