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What Happens After Bankruptcy
Chicago Bankruptcy Lawyers At Loop Bankruptcy Can Help

 

Before you file bankruptcy, it is important to know which debts will be discharged through bankruptcy and which debts will not. When you file for bankruptcy, all debts owed on the date the case is filed must be listed on your bankruptcy petition. You may not omit an asset or liability because you think that it lacks value or because you want to keep a certain debt. The Chicago bankruptcy law firm of Loop Bankruptcy is led by a preeminent bankruptcy attorney and our skilled lawyers can help you understand which of your debts will be discharged in bankruptcy.

 

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Generally, all unsecured debt, such as credit card debt, personal loans and medical bills, is discharged in bankruptcy. In a Chapter 7 bankruptcy, unsecured debt is forgiven, with some exceptions. If you file a Chapter 13 bankruptcy, you repay some or all of your unsecured debts, but any unsecured debts remaining at the end of your repayment plan period will be discharged.


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Secured debts, such as a mortgage or a car loan, can be either reaffirmed or the collateral (i.e. house or car) can be surrendered to the creditor. Vehicles can be redeemed by paying the creditor the fair market value of the vehicle. When you reaffirm a debt, you can keep any property secured by the loan by entering into a new agreement with the creditor that reaffirms the terms of the loan. By reaffirming a debt, you agree to continue making payments on the loan.

 

Student loans, child support, spousal support and alimony debts must be repaid.

 

Certain debts are not dischargeable in bankruptcy. Domestic support obligations, including child support, spousal support and alimony, and most tax debts are not discharged and must be repaid in full. Likewise, student loans are generally not dischargeable in bankruptcy unless you can show an undue hardship to repay the loan.

 

Consult with an experienced Chicago bankruptcy attorney about the discharge of certain debts.

Contact us (866)525-3529