A debt burden that you cannot pay off with interest charges that keep piling up is a burden you do not have to deal with. Chapter 7 Bankruptcy has been created by Congress to help people get out from under this never ending problem. You probably are experiencing problems with debt collectors and even wage garnishments. Calls to your home are upsetting, and the barrage of threatening letters is becoming a serious problem. All of this can be stopped immediately. You and your family may be experiencing physical and emotional health problems because the future is full of fear. There is a solution for your situation which is probably the result of the Great Recession and prolonged unemployment, or even a reduction in wages. However, the cause is unimportant.
Chapter 7 Bankruptcy allows you to eliminate a lot if not all of your unsecured debts. These are medical bills, credit cards, loans and other bills. Student loans and tax debts cannot be eliminated in bankruptcy. There are exceptions to these debts, but you should discuss them with the Chapter 7 Attorney in Maywood IL.
A Chapter 7 bankruptcy filing will allow you to keep your home, but if you have a high amount of equity you may be forced to sell the home and use the equity to pay off some of the debts. However, most people don’t find themselves in this position. You can keep cars which are secured by a loan, and you can also keep your home that is secured by a mortgage. However, you must be able to make the payments as scheduled.
An income eligibility requirement has been established for people filing a Chapter 7 Bankruptcy, and the amount of assets that can be retained is also established. Schottler and Associates can determine the exact amounts for each of these requirements. You can also learn about the process of filing for bankruptcy and how your filing will be handled.
It is important for you to know that you will never have to go to court or answer to a judge. You are required to attend a meeting with the creditors and your attorney will be there with you. However, it would be very unusual if any creditor appeared. Don’t wait any longer to see an attorney.
