Posted in Bankruptcy

Answering Four Concerns About Getting Bankruptcy Help

Answering Four Concerns About Getting Bankruptcy Help Posted on May 25, 2015

Are you a person who can’t function throughout the day because of receiving scores of harassing phone calls about past due bills? Do you have problems sleeping at night because of worrying about those bills? It is time to seek relief. It is time to seek Bankruptcy Help. According to the state in which you live, bankruptcy laws will vary. This article will focus on the bankruptcy laws as it applies to Illinois. There are specific questions regarding bankruptcy which a lot of people have and here are some of the answers.

* The two main types of bankruptcies are Chapter 7 and Chapter 13. The first type is a virtual elimination of qualified debts. The latter is a reorganization of those debts. In the first type, people want to know what assets they are allowed to keep. Of course, this varies according to circumstances, but for the most part, people can keep their residences, personal autos, furniture and tools of trade. Sometimes, they can even keep bank accounts.

* Medical bills are a major cause of financial concern to people all over America, not just in Illinois. Because overwhelming medical bills and medical problems that may keep individuals from working go hand in hand, it is easy to get wiped out quickly. There is relief in bankruptcy, however.

* Credit card debt is another large concern of many people. A lot of people in this category will qualify for Chapter 13, a reorganizing of those debts so that the debtor can get back in control of his or her financial situation.

* A very pressing question asked by a lot of people is about the status of their retirement during bankruptcy. Qualified retirement accounts will not be touched. Talking to a bankruptcy attorney can help answer this question.

In Illinois, the two major concerns to consider are that the Illinois bankruptcy exemptions will make the decisions what exemptions are allowable in a Chapter 7 situation and will how much debt will have to be paid back in a Chapter 13. In order to get the best possible outcome in their pursuit for Bankruptcy Help, individuals need to get sound financial advice. They can do so by visiting the website, www.chicagodebtsolutions.com. You can also visit their Google+ page for more information.

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