Many Illinois families are having a hard time paying their monthly bills. Both spouses are working and they still can’t manage to save any money. When one of them loses their job, they quickly fall hopelessly behind. Within a few months bill collectors are hounding them for payments. They are proud people and too ashamed to tell anyone about their situation. When creditors repossess their car and begin threatening to garnish the working spouse’s wages, they know they have to contact a Chapter 7 Bankruptcy Lawyer in Oak Park IL.
The lawyer tells them have have to list all of their income sources and debts. At their first meeting, he reviews their financial picture to determine the best way for them to declare bankruptcy. Because they have made below the median income in the Illinois for the past six months, they are allowed to use Chapter 7. They have no student debt, alimony or back taxes. Bankruptcy will erase all of their debts and they will have a new financial start in life.
The bankruptcy court appoints a bankruptcy trustee to sell off all of their possessions. The profits from this liquidation will be divided among the creditors. There isn’t much left to sell, but all of the remaining debt will be erased. Before this can take place, the trustee is required by law to hold a meeting with all of the creditors. They debtors are required to attend. This usually scares people. They are very ashamed and scared to face all of the creditors at one time. However, their Chapter 7 Bankruptcy Lawyer in Oak Park IL will be there to protect their rights. Usually the creditors don’t even bother showing up. If they do, they are required to be polite and respectful. They can only inquire about the debtor’s current financial status.
The attorney makes sure that the trustee doesn’t sell any protected assets. The wife sells handmade craft items, in addition to being a secretary. Because people are allowed to keep the items they use to make a living, she is allowed to keep all of her crafting supplies and equipment. The entire process is finished in three months. Schottler & Associates is one of the law firms that help people through bankruptcy. Debtors can check out their website to learn more.
