Many people have financial trouble at some point in their lives. Indebtedness is such a common issue that the United States law gives people who are not able to repay their some of their obligations the opportunity to declare bankruptcy and restart their financial lives without their debts. Though the bankruptcy code has guidelines, most people can qualify for debt relief under Chapter 7 or Chapter 13.
When you consult with a bankruptcy attorney, you will get to take a good look at your credit report to evaluate all of your debts. Your attorney will want to know about all of your sources of income and any debts that you have that do not appear on your credit report. With a clear picture of your assets and debts, your attorney can give you advice about bankruptcy in Illinois.
If you qualify under Chapter 7 of the bankruptcy code, you may be able to get most of your debts discharged. However, there are some debts that you will still have to pay most taxes, student loans and family support. A Chapter 7 bankruptcy filing can relieve you of credit card and installment loan debt, allowing you to reclaim your financial life and make a fresh attempt at responsible money management.
There are some instances where Chapter 13 bankruptcy is a better option. Your attorney may discuss with you the differences between these two chapters of the bankruptcy code. With Chapter 13, your debts have to be repaid, but you can pay make realistic payment arrangements with your creditors. You may also be able to keep your home and personal vehicle after filing for Chapter 13 bankruptcy.
Because creditors are required to cease collection efforts when you file for bankruptcy protection, you will have time to think about your future without needing to field harassing phone calls or make excuses to creditors. By working with an experienced attorney to file bankruptcy in Illinois, you can get expert legal advice that can help you through the bankruptcy process and get you on a great start to a new, more productive financial life after bankruptcy. Browse lakelaw.com for more.