The strong economy has kept personal bankruptcy filings down for over a decade. Since the dark days of the 2008 recession, bankruptcy filings first went on the decline and then flattened out around 2016 and later.
After a consumer files for bankruptcy, a trustee will be assigned to oversee the matter. This person has a variety of roles and responsibilities to both the debtor and its creditors, and the exact role a trustee plays depends on the type of protection a person seeks. For instance, those who file for Chapter 7 bankruptcy may have some or all of their non-exempt assets liquidated.
Collectively, current and former students in Illinois and across the country are carrying student debt of $1.59 trillion. Many of these borrowers are struggling to stay current with their repayment obligations, and some are considering bankruptcy as a way out. Bankruptcy may successfully discharge many different types of debt, but student loans are among the most difficult to discharge.
Some Illinois consumers are likely among the one-third of all adults in the United States whose debt went to collections in 2016. In 2017, 30 million people in the U.S. interacted with a debt collector. According to the Consumer Federal Protection Bureau, most people who get into debt do so because of such unexpected hardships as divorce or job loss.
If you are currently struggling with credit card debt, mortgage payments, medical expenses, student loans and other bills, you are certainly not alone. Approximately two million people suffer from overwhelming medical bills alone in the United States. As a result of this debt, many people are constant victims of creditor harassment. Whether you receive annoying phone calls throughout the day, in the evenings and throughout the weekend or you are getting threats from credit collectors, you may be scared to answer your phone. Fortunately, there are ways to stop this creditor harassment and reclaim your privacy.
Illinois residents like you who have fallen into debt still have options to get back out of it. We at the Law Office of Paul R. Idlas are here today to give a brief rundown of Chapter 13 and Chapter 7 bankruptcy, two of the most common types.
When you decide to file for bankruptcy in Illinois, you may worry about losing one of your most important possessions--your home. At the Law Office of Paul R. Idlas, we want to help you understand what might happen to your house once you start resetting your finances.
Illinois residents who are looking into bankruptcy options in order to relieve debts have two primary options. Chapter 13 and Chapter 7 bankruptcy both have their unique benefits, allowing different people in different situations to find use in them.
You likely have heard that if you file Chapter 7 bankruptcy in Illinois, the Bankruptcy Court will discharge all of your credit card debts. In general, this is true. However, it may not discharge your very recent credit card debts.
If you are facing mounting bills and the constant threat of creditor action, personal bankruptcy may offer you the best pathway to stopping you from sliding deeper into debt and instead re-establishing yourself financially in Grayslake. A Chapter 7 bankruptcy offers the benefit of having certain debts discharged, freeing up additional resources to help you in settling others. Yet this is a benefit that is not extended to all; you must first qualify via the Chapter 7 means test.