Types of Debt Eliminated Through Bankruptcy
Bankruptcy Lawyer Serving Chicago, Illinois
Many Americans find themselves overwhelmed by credit card debt, personal loans, tax bills and mounting mortgage payments. In today’s economy, many are unable to keep up with their payments and have fallen behind. Creditors begin to harass and call constantly when you have gotten behind on you payments. You may not know what your options are.
At Law Offices of David Freydin, we are experienced Chicago bankruptcy attorneys who can provide you with answers to your questions. We will be able to assist you with the correct procedure to use to handle your debt and free you from the worry and stress you are experiencing.
Chapter 7 and
Chapter 13 handle debt differently. Chapter 7 can eliminate most types of debt, such as personal loans, credit card bills, car repossession deficiencies, medical bills, department store bills, even utility bills. Chapter 13 will restructure the debt you have and eliminate most of your debt through your Chapter 13 repayment plan.
There are, however, certain types of debts that cannot be discharged through bankruptcy. These types of debts include:
- Some Income Taxes
- Child support
- Spousal support payments
- Most student loans
- Court-ordered fines or penalties
- Restitution owed to injury victims or crime victims
Get help from Law Offices of David Freydin!
Filing for bankruptcy allows people to get their finances under control and start fresh. Being able to eliminate or restructure your debt will allow you to get back on your feet and look forward to a positive future. It is important you get all the available help you need in making the proper decision for handling your financial situation. With the help of the caring and compassionate staff at Law Offices of David Freydin, we will formulate a plan to get you back on firm financial footing. We urge you to contact us today to obtain the information you need.
Eliminate your debt through bankruptcy. Find out how by contacting a Chicago bankruptcy attorney at the Law Offices of David Freydin