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Credit card debt may be dischargeable through Illinois Chapter 7

Credit cards are a basic fact of modern American life. Many families use them for unexpected expenses such as car or house repairs, or to cover medical bills that insurance won't pay. Whatever they are used for, there may come a time when the debt becomes impossible for the person acquiring it to pay. A loss of income or rising interest rates could create a situation where it is simply untenable for the debtor to ever pay off the accrued amount.

When this occurs, the stressful times for the debtor may only be beginning. Attempting to come up with the money to pay each month may have been worrisome. But, knowing that one cannot pay, and that their credit rating will take a hit is even worse. Throw in the beginning of phone calls and letters, from either the card company or a collection agency that has purchased the debt and a debtor may begin to feel hopeless about the entire situation.

However, there may be a way Illinois residents can deal with this kind of debt. Filing for bankruptcy has gotten a bad rap in the past, given the economic climate over the last several years, and the fact that credit card debt in the U.S. is up to over $1 trillion; not to mention the high-profile cases of politicians and celebrities. As a result, the stigma of bankruptcy has long since disappeared. It is possible that a Chapter 7 liquidation Bankruptcy can discharge all that debt and relieve some of the stress a debtor may be feeling.

It is important to understand that Chapter 7 is not right for every situation. There may be certain property that the debtor wants to keep, or the debtor may not meet the income requirements of a Chapter 7 filing. But there are experienced bankruptcy attorneys that may be able to help make important decisions about one's financial future.

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