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.
Sometimes the most basic family law issues in Illinois are the most confusing and complicated. Child support and the amount that is ordered to be paid is a situation that is frequently problematic for the supporting parent and the custodial parent. Understanding how child support is calculated is imperative. The amount that is to be paid is contingent on the net income of the noncustodial parent and the number of children he or she has.
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.
The Fair Debt Collection Practices Act (FDCPA) sets a standard for debt collectors. These standards also come with specific penalties for debt collectors who choose not to follow the guidelines set forth in the act.
Debt is something that affects everyone in Illinois and throughout the nation. In some instances, it comes about due to unexpected life changes, loss of employment, medical problems or for a multitude of other reasons. Striving to eliminate debt might seem like a challenge, but when it has reached a point where there is nowhere else to turn and the stress has become unbearable, Chapter 7 bankruptcy is an alternative. Before moving forward, however, it is essential to know about the eligibility requirements to file.