When you start getting calls from utterly annoying debt collectors when you’re having your morning coffee, it doesn’t get your day off to a good start. Then you have to have that thought on your mind all day, and pretend it doesn’t exist because you have to concentrate on your job so you can pay your bills. What you should know if that you don’t have to live this way. There is legal options available to you, that you might of never ever thought even existed.
There is something called a Chapter 7 Chicago Bankruptcy that involves a total liquidation of all your debts. The can can typically include unpaid medical bills, late credit card payments, discharging of certain judgments, and a whole host of other debts. Credit cards and medical bills are the most common. For instance in medical bill you might of incurred a lengthy hospital stay and aren’t able to pay the catastrophic bill. In a Chapter 7 most debts are discharged.
The only exception to this would be a car that you’re still making payments on. You could request a Chapter 7 Chicago bankruptcy attorney that they ask the trustee if they will allow for you to continue making the payments through your car lender. The same works if you own a house. There are certain exemptions on personal property you can keep in a Chapter 7. Your legal advisor can tell you exactly what those exemptions are.
A person must realize that it’s not the end of the world when having a massive load of debts. They don’t have to live life in a constant state of paranoia or anxiety. It’s no longer considered a social stigma is you need to file for bankruptcy. Things happen in life to all of us at some point or another. We have to like it, but that’s just reality. That’s why these attorneys are in place for whenever you need them the very most. They understand what you’re going through, and want to help you get your life back on track again. A bankruptcy could help you to do just that.