You did it, you filed for bankruptcy. After your Chapter 7 filing was approved and your debt discharged, you worked hard to improve your financial situation, but despite your best efforts, you have found yourself facing similar economic struggles again. This is a situation in which many Illinois residents have found themselves. What can you do?
Illinois residents who are really in tough financial spots may not know exactly what to do to help their situations. No one really wants to file for Chapter 7 bankruptcy, but sometimes when the money just is not there it is the best option. How can filing for bankruptcy be of help? What are the drawbacks to it?
One of the first questions that those who are contemplating filing for Chapter 7 bankruptcy in DuPage County may have is whether or not they will lose their homes. For most people, their homes are their most valuable assets. Thus, their concerns over whether or not that asset might be liquidated to repay creditors as part of a Chapter 7 case may be well-founded. However, allowances are made for people filing for bankruptcy to protect their interests in certain assets. Perhaps the most well-known is the homestead exemption.
If you do not have enough money to cover your bills between paychecks, payday loans may seem rather intriguing. Who would not want quick cash right when it is most needed? At the end of the day, however, Illinois residents who choose payday loans may find themselves worse off in the long run. For some, a Chapter 7 filing really may be the better way to go.
The thought of having the majority of one's debts cleared is enough to make anyone smile, especially if he or she is in a really bad financial spot. A Chapter 7 bankruptcy filing has the ability to do this. However, this is not a debt relief option for which all Illinois residents will qualify. In order to determine eligibility one can take a means test.
Struggling to make things work due to a lack of funds between pay checks is a reality for many Illinois residents. What can one do if this is the case? Unfortunately, some individuals turn to payday loans, thinking they will help solve the problem. More often than not, though, these loans make things even worse. When one lacks the funds to keep up with financial obligations, payday loans are not the answer, but a Chapter 7 filing may be.
A federal tax debt can raise a wide range of problems for a person. So, one thing some might wonder is: What kind of relief can bankruptcy provide individuals regarding tax debt? What help a person could get from bankruptcy when it comes to tax debt can be impacted by many factors.
One number that can be a critical one for a person is their credit score. So, many may find it very encouraging that recent numbers suggest that Americans, in general, are in pretty good shape these days when it comes to credit score.
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.