As we have previously observed, it is relatively easy for Illinois residents to find themselves in situations in which they will have a hard time paying off their debts. Medical bills, unemployment, business failures and the like can create circumstances in which it may seem impossible to continue to afford to pay one's creditors. For people in this position, filing for bankruptcy might be an answer, as it could allow them to discharge their major debts without completely paying them, thus allowing for a new start financially.
Illinois residents have likely heard of the concept of filing for bankruptcy. They probably are aware that the process is meant to help people who cannot fully pay their debts, and that they may have to sell some of their assets in order to make partial payments. While this may be true in certain instances, it should be noted that Illinois, as is the case with most states, exempts certain property from being subject to sale in certain types of bankruptcies.
Millions of Americans are struggling with debt. For some, the problem is with a mortgage, and as a result, foreclosure may be on the horizon. For others, credit card debt has piled up for some reason, whether it is due to an unexpected loss of a job or an unforeseen medical issue. No matter how an Illinois resident has run into financial problems, it is important to realize that there may be legal options to help address these issues.
No one knows what tomorrow will bring. One day the stock market is up; the next day it is down. One day a business is booming; a little while later the business has to close its doors. One day a person is healthy; another day they have a stroke requiring a lengthy stay in the hospital. These unpredictable reversals are just some of the reasons why Illinoisans file for bankruptcy.
Behind on medical bills? Struggling to keep up with credit card debt? Looking for a way out? Illinoisans seeking debt relief may want to investigate whether filing for Chapter 7 bankruptcy is right for them. Doing so can cause most, if not all, of their debts to be discharged.
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 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.
It is widely stated and generally believed that student loan debt cannot be discharged as part of the bankruptcy process. As we have said on a number of occasions, and in one post in particular, erasing student loan debt in bankruptcy can be a challenge, but it is not impossible.
Regular readers of this blog know we approach the issue of bankruptcy from the consumer perspective. That is, if you are an Illinois resident in financial difficulty and you need help to regain your footing, speaking with an experienced bankruptcy attorney is always recommended. If nothing else, obtaining a free initial consultation provides you a chance to get accurate information about your rights and options.
Illinois, like all states, has provisions allowing individuals to file for bankruptcy. The laws recognize that life doesn't always work out the way we expect it to. Financial problems can crop up for any number of reasons and individuals and companies need a legal way to seek relief so that they can get back on a positive track.