You’re constantly receiving calls from debt collectors. You’re behind on your bills, and worried your house is going to be foreclosed on. It can be very scary to wonder if you’re going to lose everything, and the added stress from multiple debt collector calls each day doesn’t help. If you’ve been dealing with and you want relief, you may want to speak with a lawyer. A lawyer will be able to help you decide if bankruptcy could be an option for your situation and, if so, get you started. They can also field the calls from the debt collectors while you’re working on your bankruptcy so they can’t continue to call you. You need to go
The first thing your lawyer will tell you to do is to get Credit Counceling in Wood River IL. This is mandatory in IL before you can file for bankruptcy. The goal is to see if there is another way to repay your debts so you don’t lose your home, as well as to teach you how to better manage your money so you don’t find yourself in debt again. Once you have completed credit counseling, you will receive a paper which you can use to prove to the courts that you have completed the program.
After you have received the credit counseling, you will need to decide on which type of bankruptcy will work for you. A Chapter 13 bankruptcy consolidates all of your debts into one monthly payment, and you will pay on the overall amount for up to five years. Then, your debts will be paid off. A Chapter 7 bankruptcy involves giving all of your non-exempt assets to a trustee, who will sell them to cover your debts. This should take about six months. These are the main types of bankruptcy for individuals, but you may need to file under a different chapter if you own your own business.