If you want to file bankruptcy in Illinois you might want to consult an expert first about the basics of filing a bankruptcy. There are free bankruptcy consultations in Illinois provided by experts in the field. But always remember that if you need help, it’s only a call away.
Consultations pertaining to bankruptcy will open up a lot of topic. This may include the following significant details:
1.The kind of bankruptcy you are going to file. As a citizen of Illinois, you are given two options to file you bankruptcy, it would be either Chapter 7 or Chapter 13. In Chapter 7 bankruptcy, the court will assign a trustee to liquidate your assets in order to pay off your debts and you will risk losing some of your properties. On the other hand Chapter 13 bankruptcy permits you to submit a plan to the bankruptcy court that entails paying your debts in the span of 3 to 5 years.
2.Chapter 7 bankruptcy is the fastest way to lose your debts and start up a new life%3b however, not all bankruptcy experts recommend this plan to their clients. This is due to the fact that you can lose your assets and properties and also the restriction of the state on this kind of option is very high. Other than the means test given by the state, you must also qualify for the income restriction. A single person must have an income of $52,597 or less and a person with a family of two must have an income of $68,075 or less and so on.
3.People with a steady income are the ones who will qualify for Chapter 13 bankruptcy. This income must be high enough to pay for debts after expenses. In Illinois, another requirement to be able to be eligible for Chapter 13 bankruptcy is the amount of secured and unsecured debts. You must have a secured debt of not more than $1, 010,650 and an unsecured debt of not more than 336,900 in order to meet the criteria.
4.The importance of legal representation in making a bankruptcy petition. You are allowed to file bankruptcy on your own, however with all the legal aspects involved it would be essential to employ someone who knows the ins and out of bankruptcy law.
The things mentioned above are only some of the most important details you must know about bankruptcy in Illinois. Don’t hesitate to find a firm who’s offering free bankruptcy consultation in Illinois so you’ll know the significant information you’ll need for your bankruptcy petition.
