When Illinois residents are struggling to meet their financial obligations, they may actively seek out debt relief options that may be open to them. For some, Chapter 7 bankruptcy may be the best fit. Of course, before jumping on board and submitting a filing, it is good to know exactly what one is signing up for.
The truth is, there are both good and bad things about Chapter 7 bankruptcy. It is not a perfect process, though it can offer relief to those who qualify for it. One simply needs to weigh the pros and cons of pursuing this form of bankruptcy in order to determine if it is the right move for his or her situation.
What is the good of Chapter 7 bankruptcy? There are quite a few benefits, the most notable of them being the immediate discharge of certain debts upon approval. It can stop creditor harassment as soon as the petition is filed. It also allows one to keep certain property.
What is the bad of Chapter 7 bankruptcy? It can remain on one’s credit report for nearly a decade. Some property may have to be sold in order to pay back creditors. Finally, it can take some time to rebuild one’s credit.
There is nothing wrong with asking for help when one is in a financial hole. Illinois residents who would like more information about Chapter 7 bankruptcy and how it may benefit them can turn to an experienced bankruptcy attorney to get answers to their questions. They may find it to be the best thing they can do for themselves.