Bankruptcy is often the last resort for millions of families overburdened with debt. Bankruptcy serves as a financial safety net for families trying their best to stay financially afloat when they are faced with insurmountable debt such as uninsured medical expenses or credit cards used to make ends meet.
Bankruptcy law offers individuals or couples bankruptcy protection under chapter 7 or chapter 13 bankruptcy. Generally speaking, in a chapter 7, debtors surrender their nonexempt assets to receive a clean slate while retaining their future earnings. In a chapter 13, a filer may retain their assets but must devote any future disposable income to make payments on their debt for a period of 3 to 5 years at which time any remaining debt will likely be erased.
Many think of a chapter 7 as getting an immediate fresh start by wiping out most debts in exchange for giving up nearly all assets whereas a chapter 13 is a repayment plan that protects individuals or couples who have assets they want to keep or those who do not qualify for chapter 7.
It is important to understand the bankruptcy process. There are many bankruptcy questions you may want answered including:
If You Are Considering Bankruptcy Protection
Contact an Experienced Illinois Bankruptcy Attorney for Answers
When considering bankruptcy protection these questions and others can be answered by an experienced bankruptcy attorney who will work with you to determine if bankruptcy is a good strategy for you and your family. Contact Peoria Illinois bankruptcy attorney Charles E. Covey for answers to all of your bankruptcy questions at 309-674-8125.