When your debt has gotten to a point where you can’t pay it anymore, you start looking for ways out. The collection agencies are hammering your phone at all hours, threatening letters are coming in the mail, and you don’t want to deal with it. Why? Simply put, because you can’t. You lost your ability to pay your debt and there is nothing for you in the near future in terms of employment. In the meantime, the late fees pile up and make the debt even higher. This is the time to start looking at a Chapter 7 Bankruptcy in Marion, IL.
A Chapter 7 bankruptcy works on the principle of selling off assets in order to repay the creditors something. However, if you feel that you have no assets of value, you are still able to file for insolvency. It is not an absolute requirement that is necessary to qualify for this particular chapter. Rather, all forms of bankruptcy technically require that an effort is made to repay creditors. The laws do recognize that there are times that some individuals have nothing for repayment, and that fact is not a reason for denying relief. Rather, you are going to go through a thorough scrutiny of your finances by the trustee to ensure you are telling the truth.
When you file a petition, everything you own is considered to be an estate for the purposes of the bankruptcy. A trustee is assigned to your case to whom you have to supply certain financial information to. The trustee investigates all of the information that you submit through the petition in order to ensure you are telling the truth about what you own and what you owe. If the trustee is satisfied with your candor, he then moves your case forward towards discharge. It takes at least 10 weeks after the meeting with the trustee for the final discharge, but once you get there, you are debt free once again.
Talk to a Bankruptcy Attorney in Carbondale, IL to learn about how bankruptcy affects you and your life for the better and worse. Being able to understand what you are entering into helps you cope with what is going to happen in the months after you file.
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