When many people hear the word bankruptcy, they often have many misconceptions about the process. While filing for bankruptcy should never be your very first choice, it has helped many people to be able to successfully overcome their financial debt and secure a better future. If you are dealing with mountains of debt and feel there is no hope in being able to get out, you need to understand your rights. Hiring an attorney can assist you through the process, so you can rest assured your rights are being protected.
What Happens When You File for Bankruptcy?
When you begin the process for filing for bankruptcy, you will first meet with your Bankruptcy Attorney Granite City IL. He or she will ask you to bring in information on the debts you owe, your income and your assets. This information is imperative to file for your bankruptcy. It is important to note, you will need to make sure you list every single debt you owe, no matter how large or small the debt may be. If you fail to list any debts, they will still be your responsibility to pay, even if you are approved for your bankruptcy. This means the creditor can still pursue you for the owed debt, garnishing your wages and even taking you to court. This is why it is important you are completely thorough in working to find this information.
Depending on the type of bankruptcy you are filing, you will either have your non-essential assets sold to pay your debts or you will be responsible for paying a monthly payment through the court. Either way, your debts will be paid off or you will be absolved of those debts. Most bankruptcies will last for a period of three to five years. The time period will depend on how much debt you owe. The judge will review the information on your debts and your monthly income, to make the decision on the time period your bankruptcy will last.
If you are dealing with tons of debt and need help, visit Jdgrahamlaw.com. They can provide you with the legal representation you need, to make sure your rights are protected. This can give you peace of mind, allowing you to secure a better future.