Numerous Illinois residents are struggling financially due to job loss or lack of sufficient income to pay their debts. In order to help their economic situations, some will turn to Chapter 7 bankruptcy to clear their debts and achieve a fresh start. While there are those who would advise against this due to the impact such a filing can have on one's credit score, a recent report suggests that filing for bankruptcy really is not the end of the world.
When Illinois residents hear the word bankruptcy, they think debt relief. This is particularly true for Chapter 7 bankruptcy, as this form -- if approved -- results in the complete discharging of certain debts. Is there ever a time when filing for bankruptcy can actually cause a person to take on more debt after the fact?
When thinking about pursuing bankruptcy, it is perfectly normal to have questions about it. Obviously, one wants to make sure it is the right thing to do before going down that road. One question Illinois residents may have about Chapter 7 bankruptcy in particular is if there is a debt limit -- meaning, is it possible to have too much debt, which would result in one's petition being denied?
When really struggling financially, it is common to look into all of one's debt relief options. Bankruptcy, whether Chapter 7 or Chapter 13, are certainly good options for Illinois residents -- under the right circumstances. This week, this column will address some of the ins and outs of filing for bankruptcy.
Every year, numerous individuals in Illinois and across the county turn to bankruptcy to achieve financial relief. Chapter 7 filings, in particular, are for those who lack the income necessary to make any type of payment to their creditors. When a Chapter 7 filing is approved, all qualifying debt is automatically discharged -- meaning the filer no longer is responsible for it. Unfortunately, months or years after the fact, many individuals find themselves once again dealing with creditors trying to collect on these past debts.
Illinois residents who are considering bankruptcy may be confused about the different bankruptcy types and their benefits. This week, this column will address some of the benefits of choosing a Chapter 7 bankruptcy over a Chapter 13 bankruptcy -- if one qualifies to do so. Chapter 7 filings are not available to everyone.
The financial reality for millions of American -- including many living in Illinois -- is pretty bleak. According to a recent news report, roughly 39 percent of the population lacks sufficient income and savings to cover any sort of emergency or large unexpected expense. For such individuals, Chapter 7 bankruptcy may be able to help.
It is believed that one in four Americans cannot pay or struggles to pay their medical debts. One in four -- that is a lot of people. Illinois residents who find themselves in such situations may turn to Chapter 7 bankruptcy for some relief.
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?