This is the year -- the year to get out of debt. Becoming debt free is a New Year's resolution that many Illinois residents set every year. Some meet that goal and others do not. For those who have the desire to join debt free society, there are ways to get it done. If certain debt relief options fail, a Chapter 13 bankruptcy may be a viable option.
Many Illinois residents may feel that filing for bankruptcy is the worst thing they can do to help their financial situations. While it is not generally the first thing to resort to in a financial crisis, it is not something to shy away from either. A Chapter 13 filing can have numerous benefits and will not prevent a person from achieving his or her economic goals in the future.
There are different kinds of people in the world who have varying views about how certain things will help or hurt them. For instance, when it comes to filing for bankruptcy, whether Chapter 13 or Chapter 7, it can affect one's credit score. Some people will view this as a reason to avoid bankruptcy at all costs, while other Illinois residents may only see it as a small bump in the road to financial freedom.
Getting a bankruptcy approval can bring a lot of relief, financially and emotionally. For those who end up with a Chapter 13 repayment plan, it may seem great -- until it becomes too difficult to keep up with payments due to unexpected life events, such as changes in employment and income. What can Illinois residents who cannot keep up with their Chapter 13 repayment plans do?
Debt collectors are in contact with numerous Illinois residents on a daily basis. Dealing with people wanting money when one doesn't have any can be stressful, to say the least. Chapter 13 or 7 bankruptcy may help ward of debt collectors and -- if approved -- give petitioners financial relief. But what about other debt relief services? Are any of them legitimate?
Getting calls from debt collectors about a debt of which one is not aware can be really disturbing. Unfortunately, it happens all the time. How does one know if it is the real deal or if a scammer is just trying to take advantage? There are some ways to find out, and if it is really owed, Illinois residents may turn to Chapter 7 or Chapter 13 bankruptcy if they need help addressing it.
Medical debt is something with which many Americans struggle. For some individuals in Illinois and elsewhere, the amount of medical debt owed may be so much that they cannot possibly pay it back under their current financial situations. For these individuals, Chapter 13 or 7 bankruptcy options may be appropriate ways to seek relief.
Anyone in Illinois who is looking for financial relief has probably seen or heard advertisements for debt settlement programs. These are offered by firms who claim that they will work with one's creditors in order to lower and pay off one's debts. All they ask is that payments go directly to them and not to one's creditors. While the idea may sound appealing, the reality of it for many people is anything but. What really is better, trusting a debt settlement firm or just taking the leap and filing a Chapter 13 or other type of bankruptcy?
Bankruptcy filings can a take a bit of time to put together properly. However, there are those in Illinois who may not have all the time in the world to wait. Sometimes, due to creditor threats of foreclosure or repossession -- among other things -- there is a need to file for Chapter 13 bankruptcy protections immediately. If you are in such a position, an emergency filing may be right for you.
Sometimes people do not want to step back and take a look at where they are really at financially. It is just easier to keep putting things on credit and pay things off if their budget allows. Unfortunately, living this way can take its toll over time. When it all becomes to much to handle, for some Illinois residents certain debt relief options may be the only way out -- such as a Chapter 13 filing for example.