Bankruptcy gives just about everyone the ability to be free from crushing, unpayable debt. Yet, it’s not an easy legal process to go through despite what the advertisements claim. Someone interested in filing for bankruptcy gets a heavy dose of reality when they step into a lawyer’s office to learn about what is involved with filing. However, as a Bankruptcy Lawyer in Carbondale, IL is going to tell you, the hard work of filing does pay off in the form of no debt and the ability to keep most of your income once again.
There are no two ways about it: filing for bankruptcy is a difficult and complicated process. It requires you to open up your finances for the court in order to prove that you are in need of debt relief. For many, simply talking about money is something that is taboo. Having to take the step to write everything down for the court and anyone else to view is daunting. Yet, it is necessary if debt relief is being sought. Eventually your life becomes yours again and most of the information that was listed in the petition is now invalid. You move on from the filing with a completely new financial identity.
Bankruptcy for consumers is typically filed under either Chapter 7 or 13. If the potential petitioner is a business owner, then a Chapter 11 Bankruptcy in Carbondale, IL is the most likely route to be taken to handle the debt. Consumer bankruptcies involve eliminating the debt either through liquidation of assets to pay off creditors, or a payment plan that lasts up to 5 years. The repayment plan, or Chapter 13, is typically used by those who make too much money to be able to file under Chapter 7. Chapter 7 is seen as being desirable because those who have little assets can eliminate their debt and be out of bankruptcy within four months.
Take the first step and set up a consultation with a lawyer about filing for bankruptcy. You’ll gain valuable advice, learn about how bankruptcy works for your situation and what you can expect from the process from beginning to end.
Bankruptcy for consumers is typically filed under either Chapter 7 or 13. If the potential petitioner is a business owner, then a Chapter 11 Bankruptcy in Carbondale, IL is the most likely route to be taken to handle the debt.
