When Illinoisans file for Chapter 7 bankruptcy, they have taken their first step towards financial freedom. Along that journey through the bankruptcy process, they will encounter several characters playing specific roles. One of those characters is a bankruptcy trustee. So, what does a trustee do?
When Illinoisans file for Chapter 13 bankruptcy (in addition to bankruptcy under other chapters), they benefit from an automatic stay. This stay prohibits creditors from trying to collect on the debt. That means the end of harassing phone calls and a pause in any litigation, including foreclosures.
When filing for Chapter 7 or other forms of bankruptcy, some Illinoisans wonder which assets they need to list and which can be safely excluded. Thinking that some assets need to be listed while others can be ignored creates tempting scenarios.
Did you ever watch "Friends"? The character Joey wasn't known for being all that bright, but he did well with the ladies. His signature pickup line was, "How YOU doin'?" It's a question that someone in Illinois might well want to ask themselves when it comes to their credit rating.