Getting A Fresh Financial Start With A Bankruptcy Attorney In Belleville, IL

It is hard to plan your life when there is more money going out, than coming in. While others are planning vacations, you’re trying to figure out how to pay the mortgage. You’re afraid to answer the telephone, because it may be a bill collector. Bankruptcy may be a solution, and a way to get a fresh start. Bankruptcy can have a negative stigma, but it is easy to get in over your head. Costs are so high, and one unexpected illness results in thousands of dollars worth of medical bills.

Bankruptcy is a complicated process with lots of forms. It is best to consult a Bankruptcy Attorney Belleville IL. The attorney helps complete the paperwork, and figure out what bankruptcy plan is best for you. One of the best things about bankruptcy, is the Judge orders an automatic stay. Once notified of the stay, creditors must stop all collection activities. Nearly every bankruptcy filer has to take mandatory credit counseling. The only exceptions are people trying to stop an emergency, like a foreclosure, and people on active military duty. Individuals need to have copies of all their bills before counseling. There are more forms to be completed, listing the creditors, addresses and the account balances.

Chapter 7 bankruptcy filers need a Bankruptcy Attorney Belleville IL. Chapter 7 involves liquidating nearly all your assets, to repay debt. Child support, alimony and taxes cannot be forgiven under this chapter. Each filer gets a trustee, and he or she liquidates the property, and pays the creditor. Individuals must have a regular income to file Chapter 13. The debtor attempts to repay the creditors with one monthly payment. and gets to keep their property. The trustee divides the payment among the creditors. However, the debtor has to prove that he or she can meet the financial obligation. Debtors will have to live frugally, because a hefty chunk of income goes toward paying debt.
Some people are hesitant to file bankruptcy, because they are worried about their credit report. The credit report will look better when most of the debts are paid, and you get that fresh start.

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