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Before you consider filing for bankruptcy a consumer should consider all of their options. Obtaining a copy of their credit report will help to discover any and all debts that they owe. You must list all of your assets and all of your liabilities in your bankruptcy petition. But not all debts can be “discharged” or forgiven in bankruptcy.
This article will discuss and answer:
September 5, 2024
Filing for bankruptcy in Illinois doesn’t mean you’ll lose everything and end up living in a cardboard box underneath a bridge. The process is designed so that the individual or business owner can get back on their feet and continue living their life in much the same fashion as before but with a newfound understanding of how to avoid debt and better manage monthly expenses. Many of your assets can be exempt from bankruptcy, allowing you to keep your house, car, and business property.
September 5, 2024
The bankruptcy means test can help you determine if you’re eligible to file for Chapter 7 bankruptcy in Illinois. The means test is designed to weed out higher income earners who probably won’t be eligible for Chapter 7 bankruptcy versus low income earners. People with high income can still file for bankruptcy, and may even qualify for Chapter 7 if they have a lot of expenses such as a costly mortgage, car loans, taxes, etc, but they will most likely have to file Chapter 13 bankruptcy.
September 5, 2024
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