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personal bankruptcy Archives

Some may unknowingly be pushed into certain types of bankruptcy

Debt is not the easiest thing to deal with. Most are aware that there are a variety of bankruptcy types and debt relief options available to them. Choosing the right path to pursue is wholly dependent upon one's circumstances and their desired outcome. This is why it is critically important that those who are facing overwhelming debt ensure that they are fully informed before taking any legal action.

Debt settlement or bankruptcy?

Most people hate the idea of filing for bankruptcy. To them, taking such action is an indication that they have failed financially, and the social stigma attached to them moving forward, they fear, may be more than they can bare. Therefore, many Illinois residents turn to debt settlement options in hopes of avoiding their fears of bankruptcy.

Chapter 13 bankruptcy not always the right debt relief option

As many Illinois residents know, facing financial difficulty is nothing short of challenging. It can leave an individual feeling overwhelmed and hopeless, while at the same time they are overly stressed with trying to find a way to dig themselves out of debt. Although some of these people are able to get themselves out of debt, others only find themselves falling into a deeper hole. When this is the case, it might be wise to seek debt relief. This may include filing for personal bankruptcy.

We help to decipher the bankruptcy process

Previously, this blog discussed how many Americans are struggling to pay off their credit card bills. This, when taken together with other debts, including medical expenses, income hardships from a lost job, reduced hours or decreased pay, can leave an individual in a dire financial situation. He or she may not know what to do to protect themselves and their family, and the pressure can rise when unrelenting creditors continue to hound him or her.

The types of claims in a Chapter 13 bankruptcy

Illinois residents who are facing financial difficulties may struggle to find a way to secure their financial future. Working overtime and additional jobs may not be enough to overcome their debts, leaving them fearful for their future. These individuals should take comfort, though, in the fact that debt relief options may be available to them. Depending on the circumstances at hand, the most effective of these options may be bankruptcy. However, before pursuing bankruptcy, an individual should understand the process as fully as possible.

Medical debt credit reporting standards to change

Although the economy seems to be recovering, far too many Americans continue to live paycheck-to-paycheck. These individuals are just one unexpected life event away from facing financial ruin. Being in this position can be extremely stressful, and when one of those life events occurs, they may find themselves overwhelmed with no idea how to resolve their financial difficulties. This often happens when an individual is hit with unexpected medical expenses.

Americans are paying off credit cards more slowly

The Great Recession left many Illinois families on hard financial times. Unemployment in and of itself left many without the funds they need to make ends meet. Thus, many of these individuals and families had to turn to credit cards to stay afloat. Although the nation has steadily climbed out of the recession, many Americans continue to see themselves overwhelmed with credit card debt.

Illinois firm helping individuals find debt relief

Previously, this blog discussed some of the drawbacks of Chapter 13 bankruptcy. We hope that you found it informative and helpful as you try to figure out how best to deal with your overwhelming burden. Regardless of which approach you choose, Chapter 13 or Chapter 7 bankruptcy, you need to ensure that you are taking all the steps you need to in order to successfully navigate your bankruptcy plan. If you fail to do so, then you could be at risk of a failed bankruptcy, meaning you will not be able to obtain the debt relief you seek.

How does the Chapter 7 bankruptcy process work?

When an Illinois resident's financial challenges have reached the level at which he or she is considering filing for bankruptcy, the circumstances will dictate which chapter is the best one for them. When the decision is made that Chapter 7 bankruptcy fits the criteria, they will often have questions as to how the entire process works. Understanding this is imperative to having the case go according to plan.

What are the advantages of Chapter 13 bankruptcy?

Contrary to popular misconceptions, considering bankruptcy is not a personal failure, nor is it an attempt to avoid one's responsibility. Illinois residents might have accrued overwhelming debt for a variety of reasons and see no way out of their predicament. Fortunately, filing for bankruptcy is a viable alternative that is perfectly legal and has helped an endless array of people get on better financial footing and move forward with their lives. A prior post discussed who can file for Chapter 13 bankruptcy. This post will center on Chapter 13's advantages.

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