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Understanding one's legal rights important in Chapter 13

Not being able to pay one's bills can be very stressful. Not only is the person likely subject to late fees and other charges, but he or she also may have to contend with collections calls, letters, email, and texts. Further, whether legal or not, not being able to meet financial obligations can affect an Illinois resident's employment prospects. Sometimes, getting a job is harder, especially in certain fields that may consider large amounts of debt a temptation for theft or embezzlement.

Those who have large amounts of unsecured may wonder whether bankruptcy is a viable alternative to their situations. However, they may not know whether they are putting certain valuable assets at risk by doing so. Those regular readers of this blog may remember that there are a couple of bankruptcy options that may provide different protections, and which is right for any given consumer may vary, depending on the individual details of the situation.

Further, with the recent decision by the U.S. Supreme Court with regard to the fact that creditors may still submit old, unenforceable debts to a bankruptcy proceeding, consumers need to know which debts are collectable and which are not even more than before. It is for subjects like these that an experienced bankruptcy attorney can provide needed advice and direction.

Whether an Illinois resident is better off filing a Chapter 13 bankruptcy, or pursuing a different form of debt relief is likely to depend heavily on the individual circumstances in which that person finds him- or herself. Evaluating these decisions is easier when one has the guidance of a knowledgeable professional.

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