Dischargeable v. Non-Dischargeable Debts

It’s no secret that bankruptcy can help debtors eliminate or reduce some or all of their debts, but many people are not aware of exactly which of their debts are dischargeable and which ones they will still be held responsible for. Knowing the difference between dischargeable and non-dischargeable debts can give you a clearer picture of what to expect when you file for bankruptcy in an effort to reduce or discharge your debts.

If you or someone you know is facing climbing debts and is struggling to make monthly payments, contact the experienced Chicago bankruptcy attorneys of the Law Offices of Stuart B. Handelman today by calling 312-360-0500. We are committed to working you through the bankruptcy process, and making sure that you understand exactly how bankruptcy can benefit you and discharge some of your debts.

Debts that are Not Dischargeable

Many people look forward to filing for bankruptcy because they mistakenly believe that all of their debts will be reduced or eliminated. However, not all debts are dischargeable. Four examples of non-dischargeable debts include:

• Student loans
• Child support payments
• Alimony payments
• Unpaid taxes

These debts cannot be discharged through bankruptcy, but others can, such as home loans and vehicle payments. Bankruptcy works differently for every person, so talking with a lawyer can clear any discrepancies about your specific debts.

Contact Us

If you or someone you know has mounting debt and is thinking of filing for bankruptcy, contact the experienced Chicago bankruptcy attorneys of the Law Offices of Stuart B. Handelman today at 312-360-0500.