Mostly people do not realize that that filing for bankruptcy is an entirely legal and extremely beneficial process that thousands of people have already taken advantage of. Even though bankruptcy is not very well received, filing for consumer bankruptcy has many advantages for individuals and families across the nation, including the most obvious: a debt-free future. Nevertheless, if you are unfamiliar with this section of the law, bankruptcy and other legal options of debt relief may appear very complex or discomforting. Understanding the concept of bankruptcy with an emphasis on the qualification process will help you to make an educated decision. Generally a bankruptcy attorney in Chicago area will walk you through the means test to determine if you qualify for bankruptcy, and if so, which chapter will best suit your needs
In the means test, first the income of the debtor will be compared to the median income of the state in which the potential bankruptcy filer belongs to. If the debtor's income falls below the median income of the state, he or she will most likely be considered eligible to file for Chapter 7 bankruptcy. If the debtor‘s income is above the median income in his or her state, however, the debtor will be eligible to file for Chapter 13 in most cases. It is critical that you do not restrict your options when filing for bankruptcy, as there are several other alternatives available to individuals struggling with debt.
A quick definition says that Chapter 7 bankruptcy In Illinois is a legal process that allows a debtor to quickly relieve their debt through liquidation. As per the law, several possessions are not liable to this type of bankruptcy and will not be liquidated, but this law varies by state. Chapter 13 bankruptcy, on the other hand, is one that allows a debtor to cautiously restructure his or her debt into affordable monthly payments in order to pay back over a period of three years to five years. When your financial future is at risk, you will require a legal team that is ready to mold to fit your needs, rather than use a cookie-cutter approach. Your finances are time-sensitive and should be treated with high care and promptness more so when you are staring down the barrel of foreclosure and threats from creditors. In such a scenario only an experienced attorney will be able to provide you with the resources and attention that you need to ensure your rights are protected both during the qualification process and during the debt relief process.
To know more about bankruptcy please visit www.changandcarlin.com
In the means test, first the income of the debtor will be compared to the median income of the state in which the potential bankruptcy filer belongs to. If the debtor's income falls below the median income of the state, he or she will most likely be considered eligible to file for Chapter 7 bankruptcy. If the debtor‘s income is above the median income in his or her state, however, the debtor will be eligible to file for Chapter 13 in most cases. It is critical that you do not restrict your options when filing for bankruptcy, as there are several other alternatives available to individuals struggling with debt.
A quick definition says that Chapter 7 bankruptcy In Illinois is a legal process that allows a debtor to quickly relieve their debt through liquidation. As per the law, several possessions are not liable to this type of bankruptcy and will not be liquidated, but this law varies by state. Chapter 13 bankruptcy, on the other hand, is one that allows a debtor to cautiously restructure his or her debt into affordable monthly payments in order to pay back over a period of three years to five years. When your financial future is at risk, you will require a legal team that is ready to mold to fit your needs, rather than use a cookie-cutter approach. Your finances are time-sensitive and should be treated with high care and promptness more so when you are staring down the barrel of foreclosure and threats from creditors. In such a scenario only an experienced attorney will be able to provide you with the resources and attention that you need to ensure your rights are protected both during the qualification process and during the debt relief process.
To know more about bankruptcy please visit www.changandcarlin.com
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