Illinois was the twenty-first state to be admitted to the Union, in 1818. Although Illinois is now known as “Land of Lincoln,” its former name, “Prairie State,” gives a reasonably accurate description. Much of it is level, and in its natural state was covered with prairie grass.
There are a few areas low, rolling hills, and a few sections of natural forest. Actually, filing bankruptcy in the state of Illinois can seem like an overwhelming process. But the United States Bankruptcy Court District of Illinois provides loads of resources to make the process easier to take the helm. Not only that, as filing fees aren’t too expensive. It only range from $200 to $300 when you add it all together.
When you come right down to it, once you’re already weighed down by too much debt, there are actually two major types of consumer bankruptcy that you may be able to file. Chapter 7 and Chapter 13 bankruptcy.
In Chapter 7 bankruptcy, it allows you to achieve legal forgiveness of nearly all debts, although with some exceptions such as most student loans and child maintenance. On the other hand, Chapter 13 is a debt repayment plan where consumer debts are simplified and lowered in some cases. Actually, there are limits on how often people can file bankruptcy, depending on what type of case they pursue.
If you only pursue Chapter 13 bankruptcy, you can file a new case every couple of years. On the contrary, people who are only interested in Chapter 7 can file new cases every eight years. Furthermore, if someone files a Chapter 7 case and then he finds out that he is more financially trouble, he can file a Chapter 13 case within four years of the conclusion of the Chapter 7 bankruptcy proceeding.
Moreover, a person with a recent Chapter 13 case may be able to declare Chapter 7 bankruptcy without delay if his or her circumstances have greatly changed. This is typically at the law court’s discretion. Then again, every Chapter 7 case stays on a credit report for a about 10 years, whereas Chapter 13 filings are reported for seven years.
