When overwhelming debt looms, there may not be enough that a person in Illinois can do on his or her own to get out of this financial bind. Even properly handling their money and attempting to pay off what they owe might end up leaving them in a tough spot because of interest rates and other factors. In cases like these, some people choose to file for Chapter 7 bankruptcy. Why do they choose this type of filing?
There are many reasons, but one of the top reasons is that they still get to make an income -- and keep it -- later on in life. For example, they could face financial hardships, file for bankruptcy and then start making a lot of money two years later, when they get back on their feet. Typically, lenders cannot show up and ask for that money at that time, as it is considered to be a closed case.