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Chapter 7 Archives

What's the difference between a personal and business Chapter 7?

We've previously touched on the fact that there are several types of bankruptcies. Chapter 13 is for wage earners who wish to attempt to keep some assets and can commit to a repayment plan. Chapter 11 is for businesses that want to reorganize their debts but remain in business. Then there's Chapter 7, also known as a liquidation. As we've previously discussed, this kind of proceeding has certain requirements of individuals, such as a means test, in order to file as an individual.

Rise in credit scores may be good news for those in Illinois

As the country continues to heal from the "Great Recession," some residents of Illinois may have found that their credit scores have since gone up. In fact, as of spring credit scores have reached an all-time high since 2005, and at the same time, the number of "risky" borrowers has reached an all-time low since 2005. The higher a person's credit score is, the more appealing they are to lenders, and if they are approved for a loan or credit card, it may be at a lower interest rate.

Credit card debt may be dischargeable through Illinois Chapter 7

Credit cards are a basic fact of modern American life. Many families use them for unexpected expenses such as car or house repairs, or to cover medical bills that insurance won't pay. Whatever they are used for, there may come a time when the debt becomes impossible for the person acquiring it to pay. A loss of income or rising interest rates could create a situation where it is simply untenable for the debtor to ever pay off the accrued amount.

Debts that cannot be cancelled in Illinois Chapter 7

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.

What are Chapter 7 bankruptcy exemptions in Illinois?

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.

Illinois residents use Chapter 7 to pursue debt relief

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.

Can Illinoisans file for bankruptcy more than once?

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.

What does a trustee do during a Chapter 7 bankruptcy?

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?

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