Benefits of Bankruptcy

Info from Our DuPage County Bankruptcy Lawyer

Bankruptcy can be a powerful tool for many people in difficult financial situations. It can stop cold the garnishment of your wages, immediately end creditor harassment, and give you a chance for a fresh financial start. It can protect certain types of property from your creditors. It can stop more debt from accumulating against you, and eliminate debt you already have.

Depending on the circumstances of your particular case, bankruptcy could be the best financial decision you could ever make. For a free bankruptcy evaluation to determine if bankruptcy is the right choice for you, contact Joseph P. Doyle. Our experienced Dupage County bankruptcy lawyer has helped many clients successfully resolve their financial problems.

Benefits of Bankruptcy: Eliminating Debt

Credit card and other unsecured debt can be wiped out with a bankruptcy. If you file Chapter 7, your eligible unsecured debt is discharged upon completion of the process, which can take as little as 6 months. Medical bills, collection agency accounts, past due utility bills, rent, most civil court judgments, and other types of unsecured debt are dischargeable under Chapter 7.

If you file Chapter 13, you might have to repay some portion of your unsecured debt, pennies on the dollar in some cases. Any remaining unsecured debt will be discharged when your repayment plan is completed. This usually occurs in 3 to 5 years, and is the right solution for those with too many assets to qualify for Chapter 7, or who want to ensure that they keep their property.

Non-dischargeable Debts in Bankruptcy

Some categories of debt cannot be discharged in bankruptcy. Most taxes, child support, alimony, student loans, and court or government fines and penalties are some of the categories of non-dischargeable debt. Debts resulting from a divorce decree or settlement and DUI judgments usually cannot be discharged. For professional, legal assistance with your decision about bankruptcy, contact us.