Bankruptcy Blog

Debts that are allowed to be discharged are determined by federal bankruptcy laws. In the state of Illinois, the following debts are not discharged by filing Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.

Federal, state and local taxes. May be subject to specific time rules.
Spousal Support/Alimony
Child Support Payments
Most Student Loans
Mortgage Liens
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If you are not eligible to file Chapter 7 Bankruptcy, or if you have assets or property you wish to keep, filing Chapter 13 Bankruptcy in Illinois may be the best option for you. Unlike Chapter 7 Bankruptcy, Chapter 13 will not provide an immediate discharge of your debts, but will instead allow you to [...]

Chapter 7 Bankruptcy is called a “liquidation” bankruptcy. It is the most common, least expensive and quickest way to discharge your personal debt. After filing your Chapter 7 Bankruptcy petition, the Illinois bankruptcy court will assign a trustee who will work with you to sell your assets and use the proceeds from the sale to [...]

Like many individuals in the state of Illinois, you may not be unable to pay your bills due to any number of reasons including: death, separation, unexpected job loss or a medical crisis. You are not alone. It is estimated that in 2008, over one million individuals filed personal bankruptcy. If you are suffering a [...]

Filing Chapter 7 Bankruptcy of Chapter 13 Bankruptcy will not eliminate all unsecured debt. Federal bankruptcy law will list certain debts that will not be discharged by filing bankruptcy. Non-dischargeable debt will be the same for Tennessee as other states. Failure to pay the non-dischargeable debt obligations will allows creditors to continue collection efforts. Filing [...]

Given the current bankruptcy laws, many individuals will not qualify to file Chapter 7 Bankruptcy. If you do not qualify or if you have assets that you do not want to lose, filing Chapter 13 Bankruptcy may be a good option for you or your family.
Chapter 13 Bankruptcy is not considered a liquidation bankruptcy and [...]

Chapter 7 Bankruptcy is the most popular type of bankruptcy because it is the quickest, easiest, and cheapest way to discharge your unsecured debt. Filing Chapter 7 Bankruptcy will allow you to discharge most types of unsecured debt including: hospital bills, credit card balances and unsecured personal loans. There will be certain types of debt [...]

Considering bankruptcy in Tennessee? Find a qualified Tennessee Bankruptcy here.

Some property and assets will be exempt from the bankruptcy process and can not be sold to meet your debt obligations. Exemptions are outlined in federal bankruptcy laws, but some states have created their own lists. In many states you can choose to use either the state bankruptcy exemption list or the federal bankruptcy exemption [...]

If you are unable to file Chapter 7 Bankruptcy because of your income or if you do not want to liquidate your property, filing Chapter 13 Bankruptcy may be another option. Chapter 13 Bankruptcy will not discharge your debt immediately but it will allow you to restructure your debt payments into a new bankruptcy repayment [...]