Many people have become completely discouraged about the amount of money that they owe. They have have had their mortgage payments increase dramatically, faced life-threatening illnesses, or lost their job. They have less and less money coming in and their bills are increasing. Finally, they realize that they can’t pay their monthly bills anymore. Their best solution is to call a Bankruptcy Lawyer in Marion, IL. He will evaluate all of their debt, income and assets and help them develop a strategy.
For many lower-income people, who make less than the median income in Illinois, Chapter 7 Bankruptcy in Carbondale, IL is their best option. In less than six months they will be debt free and allowed to restart their life. The judge will appoint a bankruptcy trustee to sell all of the non-exempt property. Federal law and individual states provide that debtors get to keep some property. Usually that includes their home, car, clothing and any equipment that they need to make a living. A lawyer from Bankruptcy Advocates will make sure that the debtor keeps as much of their assets as they are entitled to by law.
Debtors are often nervous when they find out that they have to attend a meeting with the trustee and creditors. Their Bankruptcy Lawyer in Marion, IL will be there with them. They will make sure that their client is treated with respect and dignity. The creditors are allowed to state how much the debtor owes them. They’ll also learn how much property is available for sale. Whatever money is made will be divided among them. The remainder of the debt will be forgiven.
Not all debt is forgiven in a bankruptcy proceeding. Items such as child support, taxes and student loans are not discharged during a bankruptcy proceeding. Therefore the lawyer has to help their client get all of their debt in order. If they still won’t have enough income to pay these items on a monthly basis, the lawyer has to negotiate lower monthly payments. A person is only allowed to declare bankruptcy once every seven years. So if all the debt isn’t dealt with, then they could be worse off in three years.
