Debt is one of those things that if it isn’t balanced properly and watched carefully, can get out of hand. Spending too much over a long period of time can leave people drowning in credit card debt, personal loans, and more. Once a person has debt, it can be hard to make enough money to pay everyone back. Obviously cash funds were low to begin with, or the person wouldn’t be finding themselves in this situation. While some can dig themselves out, others seek help from a Bankruptcy Attorney in Marion, IL.
A Bankruptcy Attorney in Marion, IL can explain the differences between chapter 7, chapter 11, and chapter 13 bankruptcies. Chapter 7 is the type of bankruptcy made for individuals or married couples that completely wipes away most types of debt. This includes personal loans, credit card debt, timeshare debts, and more. Not all debt is wiped away; for instance, a person will still be responsible for certain types of government and student loans. Since Chapter 7 gives people a clean slate and a fresh start, this is the chapter that most people want to file. There is a “means test” in place to make sure that this type of bankruptcy is not abused, and a person or married couple can only file once every seven years.
A person in debt can also speak with a Bankruptcy Lawyer in Carbondale, IL, to learn more about this program. At the consultation, the legal professional will explain how the process works, the time frame, and explain the fees involved. There will be both court costs and fees for the legal services. Many people find the fees more than worth it, as their debt may be ten or even twenty times the amount of the fee. Certain documentation will need to be provided once a person or couple decides to file for bankruptcy. Things like paycheck stubs, past tax returns, the most recent credit card statements, bank statements, and so forth. The attorney or lawyer will provide some paperwork to fill out, forms to sign, and go over the list of documents that will be needed. The process is much simpler than most people believe and can be completed in as little as a month or two.
