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Filing Bankruptcy in Illinois

Posted on in Bankruptcy

Debt is a familiar reality to many Americans. However, contrary to popular perception, debt is not inherently bad. When people understand how to manage debt responsibly, they can improve their credit score and acquire loans. Responsible debtors have more opportunity when it comes to buying a home or starting a business. Unfortunately, unexpected circumstances can put debtors in a position where they cannot make payments. An injury or a natural disaster, for example, can produce steep expenses, and in these cases, one viable option may be filing bankruptcy.

Make no mistake: Filing bankruptcy is a serious decision and you should explore all available options. You should also consider discussing your alternatives with an experienced bankruptcy attorney who understands the laws and your rights.

Bankruptcy as a Debt Relief Option

There are several forms of bankruptcy, and each has its advantages and disadvantages for particular situations. Bankruptcy may involve the restructuring of debt, or it may dissolve certain debts completely. Ultimately, bankruptcy is a tool that people can use to reach financial stability.

Chapter 7 bankruptcy allows the debtor to discharge certain debts. Alternatively, chapter 13 bankruptcy restructures all current debt in order to create a more manageable payment plan.

Bankruptcy usually requires the debtor to participate in debt education. Many individuals garner debt due to a lack of financial understanding, and these courses provide essential lessons that can help people manage finances responsibly.

Bankruptcy Law in Illinois

Federal law only requires businesses to hire an attorney when filing bankruptcy, but individuals should still consider consulting a lawyer to review the specifics of a case. The intricate nature of bankruptcy law can be confusing, and if you do not understand your rights, you might make mistakes that compromise your interests.

If your debt has become too much to handle, you may wish to speak with n experienced Lake County bankruptcy attorney. At Newland & Newland, LLP, we can help you turn a new page in your financial life. With more than 40 years of combined legal experience, we can work with you to find an effective approach to debt relief. Call us today at 847-549-0000 for a free phone consultation.

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