Many people find that their financial situation has reached a point to where the only option they may have is to file for bankruptcy. This can be a very stressful and sometimes embarrassing situation, but in order to get a fresh financial start, bankruptcy may be the only option available to you. In these situations, it’s in your best interest to speak with a Bankruptcy Lawyer in Marion, IL in order to get the ball rolling on the bankruptcy proceedings in order to get some financial relief from your existing financial problems.
If you’re considering bankruptcy, you’ll need to be aware that there are several types of bankruptcies that you can petition the courts for, however, in a situation where your personal finances are in question, a Chapter 7 Bankruptcy in Carbondale, IL will most likely be in order. This type of bankruptcy is known as a straight or a liquidation bankruptcy and it is one of the most common types of bankruptcies used for people who are having problems with their personal finances.
This type of bankruptcy helps to eliminate all of your existing debt, minus tax obligations. However, you may be required to sell certain assets in order to repay your creditors a certain amount of money. Fortunately, you won’t be required to sell necessary assets like your car or at home in order to repay creditors.
The initial filing of bankruptcy can be rather complicated and depending on the type of bankruptcy you file for, the petition can be anywhere from 30 to 60 pages long. This is one reason why having an attorney handling your bankruptcy proceedings is important. You’ll also need to pay at least $300 for the initial filing and you’ll also have to pay the bankruptcy attorney. Fortunately, these proceedings are fairly straightforward. In most cases, bankruptcies such as Chapter 7 will take anywhere from 3 to 6 months to complete.
Nobody likes to find themselves in financial situation where bankruptcy is an option, but if you happen to be in that place, a Bankruptcy Lawyer in Marion, IL can be quite useful. Whether you have a large portion of debt that you can no longer repay or you’re in a situation where your finances are not going to get any better, you may want to consider speaking with an attorney about the possibility of filing for bankruptcy in Illinois.