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.
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.
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.
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.
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.
Financial challenges can arise without warning. Illinois residents can face unexpected life changes, medical issues, loss of a job and a multitude of other problems that can render them unable to escape financial struggles without help. Fortunately, there are alternatives available. One that many people do not fully understand is Chapter 13 bankruptcy. Before pursuing this option, it is essential to know what it is and who is eligible.