There are a number of essentials that you need to know about bankruptcy that will help you make a wise decision about using a Chicago bankruptcy attorney in your fight for financial freedom.
The first is that bankruptcy is NOT a four letter word! While it might seem to be a drastic step to take; in actual fact it could be one of the most important and prudent financial decisions that you ever make.
Bankruptcy in Illinois Explained
Declaring bankruptcy is not the worst thing that can happen to you. It is not a word that should be avoided and it is not the end of the road. If you approach bankruptcy as a step in the right direction, you will be able to face the future again with confidence and security.
Illinois has been hard hit in the recession and despite the promises of an improved economy, the recovery seems to be slower than expected. If you live in the Chicago metro area you will have seen firsthand just how tough it is financially and economically right now. Unemployment in Illinois stands at 9.4 % according to the Illinois Department of Employment Security. This is why it is vital that you use a bankruptcy attorney to file your bankruptcy.
If you have amassed a large amount of personal debt and you are unable to make payment on this debt, you may be eligible for a Chapter 7 bankruptcy. This is the best choice for people who have been hardest hit in the recession and who may be unemployed and unable to service their debt. Most if not all of your debt is effectively wiped out in a Chapter 7 bankruptcy, and you are able to start over again with a clean financial slate.
If you are able to finance the repayment of your debt and you receive steady income then you may consider filing for a Chapter 13 bankruptcy which will allow you to maintain your home and vehicles. In a Chapter 13 bankruptcy, yo are repaying your debts at a rate determined by a bankruptcy court. This is why it is vital to use the services of a professional bankruptcy attorney who has knowledge of the local legal system and the bankruptcy court judges. Remember that your bankruptcy will only be discharged when you have completed a Credit and Debt Counseling programs which will be overseen by the court and your local Chicago bankruptcy attorney.