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Typically, when you’re looking to discharge the majority, if not all of your debt, you look towards Chapter 7 bankruptcy. Unlike Chapter 13, in which you can set up a repayment plan, Chapter 7 allows you to wipe out your debt. Before filing for bankruptcy, it’s important to know what kinds of debt can be discharged.
Debts that can be discharged include:
Out of all the debt on the list above, credit card debt and loans are the most common types of debt that people look to get rid of when filing for bankruptcy. That includes department store credit cards and loans from payday stores, banks, and friends and family.
Note: Credit card use in the months or weeks before filing for bankruptcy will be scrutinized and can be seen as an intention to not pay. You will still be on the hook for it if this is the case.
Depending on your case, certain debts may not be discharged. Below is a list of debts that cannot typically be discharged:
Certain debts that are in the list above, including student loans and income tax debt, can be discharged but only if you convince the court to rule in your favor. This can be done with the help of our Northbrook bankruptcy lawyers. Contact us today!