Illinois Debt Relief Options
Bankruptcy in Illinois is a legal option providing much-needed relief for people facing overwhelming financial pressures due to unforeseen mortgage troubles, crushing medical bills, sudden unemployment, or the financial problems that can be generated by a divorce. To determine if a Chapter 7 bankruptcy might be the right option for you in the Chicago area, speak promptly to a knowledgeable Chicago bankruptcy lawyer.
Bankruptcy is not for everyone, and a good bankruptcy lawyer may be able to recommend a better alternative in your particular situation. In cases where bankruptcy really does provide the best resolution to someone’s financial problems, most people choose to file under Chapter 7, which offers the quickest, most comprehensive debt relief. In most Chapter 7 bankruptcies:
– The process is complete after just three or four months.
– The moment the bankruptcy is filed, it stops almost all creditor collection activity.
– You don’t pay any portion of dischargeable unsecured debts or turn over any assets to creditors.
– You’re protected from wage garnishments and lawsuits filed by creditors throughout the duration of the bankruptcy.
Not everyone qualifies for a Chapter 7 bankruptcy. If your adjusted household income exceeds a certain amount, your only bankruptcy alternative is Chapter 13. A good bankruptcy lawyer will need to conduct a thorough evaluation of your particular financial circumstances before recommending a Chapter 7 or Chapter 13 bankruptcy or some other, more appropriate alternative.
In most cases you may file a Chapter 7 bankruptcy in Illinois only once every eight years. If you need additional bankruptcy protection within eight years of a Chapter 7 bankruptcy, a Chapter 13 bankruptcy may be your only option. And since changes to the law were adopted in 2005, the Chapter 7 bankruptcy process is lengthier, costlier, and unquestionably more difficult. If you’re in the Chicago area and you need relief from mounting, overwhelming debt, schedule an appointment today with an experienced Chicago bankruptcy lawyer.
