When debt gets to a point that it is consuming all of your income, you have lost control of your money. Everything you make goes to service your bills, and prevents you from being able to move forward. No longer are you able to make a major purchase for something you need, or have disposable income for a bit of fun. When you reach this point of debt servicing, you need to start considering filing for Bankruptcy in Schaumburg.
Filing for bankruptcy has the immediate effect of giving you back control over your own money. No longer are your creditors able to demand payment from you. Instead of paying everything to them, your income goes straight to you. While you aren’t allowed to go crazy with spending while the bankruptcy is active, you do have breathing room once again. Once your Bankruptcy in Schaumburg, your money is all yours and the only bills you deal with are the ones necessary for a standard of living. The rest of the debts that qualified for discharge in bankruptcy are gone for good, and can no longer be collected upon by your creditors.
Which chapter of bankruptcy you file under depends on your circumstances. If you are a debtor who has very little in the way of assets or possessions, a relatively low annual income but a high amount of debt, you are more likely to enter into Chapter 7. If you are in a high income bracket, own many assets, and have a high debt load on top of that, it is probable that you will enter into Chapter 13. A consultation with the Trepeck Law Group, LLC can help you find out more information about what your filing options are.
While bankruptcy is a final solution to your debts, it’s not something to be taken lightly. It is a legal process, one that requires that you become a petitioner of the court. You are asking the court to relieve you of your debts, and you need to be able to prove that you are truly in need. Discussing your options with a lawyer can provide you with guidance as to what you can expect from filing. visit the Chicago Debt Solutions for more details. You can like them on Facebook.