Chapter 7 Bankruptcy and Dischargeable Debts
One of the most appealing things about filing for Chapter 7 bankruptcy is the fact that through this type of filing, most of an applicant’s debts can be “discharged,” or wiped out. This process of wiping out debts at the end of Chapter 7 bankruptcy releases the debtor from his or her obligation to pay the debt in question. Once a debt has been discharged, a lender may not pursue any further collection actions.
While not all debts will be discharged, Chapter 7 bankruptcy allows for more types of debts to be wiped away than other types of bankruptcy. Additionally, Chapter 7 bankruptcies commonly take significantly less time to complete than other bankruptcies.
The many benefits of Chapter 7 bankruptcy make it an appealing option for individuals who are struggling with debt; however, successfully filing can be a tedious process. Many applicants are turned away for various reasons, and must take time to regroup before filing again. One way to give yourself the best chance at successfully filing for bankruptcy is by seeking out a qualified and experienced attorney who can guide you through the process.
Common Types of Dischargeable Debts
There are several types of debt that are common among those facing financial difficulties. Fortunately, by filing for Chapter 7 bankruptcy, many of these can be discharged. A few of the most common are:
- Credit Card
- Personal Loans
- Past Due Utility Bills
- Business Debts
- Tax Penalties
While most of these debts are easily discharged during Chapter 7 bankruptcy, presenting the right documentation and accurately completing paperwork are key factors in the process. At Gagnon, Peacock & Vereeke, P.C., our attorneys are here to help see that this process goes smoothly.
Contact a Bankruptcy Attorney in Dallas
Chapter 7 bankruptcies have helped many individuals finally get out from under their overwhelming financial burdens. If you are considering bankruptcy, let the attorneys of Gagnon, Peacock & Vereeke, P.C., help you prepare for the process. Call our Dallas offices today at (214) 317-4448 to learn more about the services we offer.