With Chapter 7 (also called "straight bankruptcy") the court grants relief from most types of debt including credit card balances, medical bills and finance company loans. Some types of debts like recent income taxes, student loans and child support obligations are not removed. On secured debts, like a home mortgage or vehicle loan, you have the option to keep the property and keep making the payments, or surrender the property to the lender and have your liability removed. You generally are able to keep all of your property, unless you have substantial equity in the property beyond what Illinois law allows you to protect.
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