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Filing Consumer Bankruptcy in Illinois

Filing for Bankruptcy is a difficult step for most consumers to make. So, it is always important to have an attorney who is specifically qualified on your side to help and guide you with the complexities and to protect you from creditors within the Bankruptcy Court of theUnited States.

Starting the Illinois Bankruptcy Process

The initial process of filing for bankruptcy is to first evaluate your financial situation in order to determine if you qualify to file for chapter 7. The qualification for filing is to determine if your income is less than or more than the median income of those living within your same area. However, if your monthly income (after household expenses), is equivalent to 25 percent of your left over, considered non-priority, and unsecured debt, then you will still qualify to file under Chapter 7.

Bankruptcy Can Give you Peace of Mind

Keep in mind that there are other times when you may qualify for Chapter 13 Bankruptcy, which is when your debts are reorganized in such a way where they have no- or low-interest payment plans that will allow you to regain your positive credit within 3-5 years. With this filing you will then be able to keep all of your property as long as you can continue to make your monthly payments owed to those properties. Remember that bankruptcy is not a punishment but rather a tool in which you can restructure or discharge your debt in a way so that you can establish your footing with creditors and your overall credit score. It is a means to allow you to keep your property and thus avoid foreclosure, harassments from creditors, lawsuits or judgments against you.

Fill Out the Form at Right to Get a Confidential Consultation from a Lawyer

Advice from a good bankruptcy lawyer is essential in order to get through the process efficiently and with as little stress as possible. They will help you to evaluate your debts as well as income and determine if bankruptcy is essential and within which Chapter you should file.

 

 

 

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