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.
For some Illinois residents, Chapter 7 bankruptcy can be a useful tool to address debt problems. Although most people are only familiar with what they perceive to be the bad points about filing for bankruptcy, those who take the time to learn more about this useful consumer tool will likely learn that the good points sometimes outweigh the bad.
For instance, filing for personal bankruptcy puts an automatic stay in place to prevent creditors from harassing the debtor in an effort to collect on debts owed. Stopping creditor harassment is one of the main goals for many people who file for bankruptcy. Next, once all of the filer’s assets are categorized as either exempt or non-exempt, a discharge will eliminate eligible debt.
At our law firm, we do our best to make sure that our clients have the information they need to make the right decisions when it comes to filing for bankruptcy. Our clients are looking for a fresh financial start, and we have experience helping them get it. For more information, please visit the Chapter 7 bankruptcy section of our law firm’s website.