In today’s economy it’s easy to fall behind on your bills. Unemployment, unexpected medical bills, divorce or a death in the family can destroy your financial stability. Once you fall behind on your bills, it will not be long before the harassing phone calls begin. First, your creditors will call your home at all hours of the day or night. Then they will begin calling your friends and family. Finally, creditors will start calling your place of employment. When the phone calls become to much and you have no where else to turn, call a Chapter 7 Lawyer In Chicago.
Filing for bankruptcy protection can be a difficult decision to reach, especially if you are trying to save your credit. Unfortunately, falling behind on your debt will do more damage to your credit in the long run. Your Chapter 7 Lawyer In Chicago will explain the procedure to you and will help you reach the decision that is best for you.
If you have limited resources and no reliable source of income, you may be eligible to file for chapter 7 bankruptcy protection. This type of bankruptcy is also referred to as a liquidation bankruptcy because you will be required to liquidate all of your non-exempt assets. This includes your home, cars and other valuable assets. Your property will be sold and the proceeds will be used to pay off as much of your debt as possible. If the cash made from the sale of your property is not enough to pay off all of your debt, the remaining balance will be forgiven and your creditors will not be able to go after you for payment. You will be able to keep your exempt property such as clothing, wedding rings and, in some cases, an older car.
There are some debts that you will not be allowed to include on your bankruptcy. Those include:
* Most federal student loans
* alimony and child support
* outstanding federal taxes
For more information regarding bankruptcy and the options you have available to you, Browse their Website. They can help you get back on your feet so that you can regain your financial stability again.
