Dischargeable Debts in a Chapter 7 Bankruptcy
For individuals who qualify, Chapter 7 bankruptcy offers financial relief that can be absolutely essential to one’s financial future. A central tenant of Chapter 7 bankruptcy is that some of an individual’s debt may be discharged. However, not all debts an individual holds can be discharged and, accordingly, will remain even after a Chapter 7 bankruptcy.
As such, individuals who are considering pursuing Chapter 7 bankruptcy should consult with an experienced bankruptcy lawyer to help them understand exactly which of their debts may be discharged, in addition to better understanding the overall impact of Chapter 7 bankruptcy on their finances.
Commonly Discharged Debts
Although many types of debts will not be discharged during a Chapter 7 bankruptcy, the following are commonly discharged during the process:
- Credit card charges
- Past due utility bills
- Medical bills
- Collection agency accounts
- Business debts
- Personal loans from family and friends
These kinds of debts can be unduly burdensome for many individuals. Chapter 7 bankruptcy commonly relieves individuals of these debts, thereby providing these individuals with a financial fresh start. An experienced Chapter 7 bankruptcy lawyer can advise you during every step of the Chapter 7 bankruptcy process.
Contact a Cincinnati Dischargeable Debts Lawyer Today
At Ryan J. Ruehle, LLC, our Cincinnati legal team can provide you with the knowledgeable advice you need regarding Chapter 7 bankruptcy. To discuss the particulars of your circumstances with one our bankruptcy lawyers today, please call our Cincinnati office at (513) 621-0999.