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Bankruptcy Terms to Know: Dischargeable

So, what’s all this talk about a “discharge”? A discharge is the legal elimination of debt through a bankruptcy case. That means that your creditors can no longer try to collect it. They can’t garnish your wages, make threatening phone calls, or attempt to seize or freeze your bank accounts to collect the debt because you no longer owe it. The discharge is the goal of bankruptcy—and it is what gets you a fresh start.

It would only follow that “dischargeable” means it is a debt that is able to be discharged in your Chapter 7 or Chapter 13 bankruptcy filing in Missouri or Illinois. Not all debts can be discharged (see definition for non-dischargeable) but the majority can. There are differences on which debts can be discharged in a Chapter 7 bankruptcy as opposed to a Chapter 13 bankruptcy, but the lists are similar. In most cases, debt that can be discharged in a Chapter 7 include but are not limited to personal loans, credit card debt, car accident claims, medical bills, leases, tax debts over 3 years old, and more. The list that can be eliminated in a Chapter 13 is even longer. Of course, a St. Louis Missouri or Fairview Heights Illinois bankruptcy attorney will be able to tell you which debts of yours can be discharged, as each situation is unique.

Can you imagine the relief you would feel if you eliminate your credit card debt, find a solution to your medical bills, and protect your family from foreclosure or car repossession? That must be why the number of bankruptcy filings exceeded 1.3 million in the United States. Do the best thing you can for your family and just get more information about how bankruptcy can help you. Many Missouri and Illinois bankruptcy lawyers offer free consultations, but the best St. Louis bankruptcy law firms offer free information before you even set foot in the door. You can order a free copy of my ultimate Missouri and Illinois bankruptcy book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know,” by clicking here.

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