Reviewing Bankruptcy Opportunities For Consumers In Illinois
Bankruptcy is a clear choice for debt relief. It allows the consumer to place all debts into one account without additional finance fees. It isn't the same as getting a debt consolidation loan. However, it does reduce the financial burden in most cases. A Warrenville IL bankruptcy lawyer helps consumers make determinations about these opportunities.
Making a Solid Choice
Consumers who have the opportunity to choose either bankruptcy option should examine these possibilities. Chapter 13 gives them more time and the ability to pay off more debts over time. However, this could prevent them from gaining access to new lines of credit. They should consider their options carefully before making a solid choice.
Reviewing the Duration of Chapter 13
Chapter 13 extends over a period between three and five years. The total value of debts determines how long the case should extend. The attorney reviews the benefits for the consumer to determine if they need more time to pay off larger debts. This could help them maintain an automatic stay for longer. For some consumers, this could help them keep their home and reduce the payments for a longer duration.
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Is Liquidation a Better Opportunity?
Liquidation is a viable opportunity for consumers who have excessive properties and assets. It allows them to sell these items and generate income to pay off their debts. It is beneficial for the consumer in that it allows a trustee to manage the entire process. The consumer receives the exempted value for each property after the sale is complete. This helps them receive a little extra money while settling their debts.
What Consumers Should Know
The bankruptcy remains on their credit for a duration of up to ten years. This could affect their ability to open new lines of credit after their case. They should review alternative actions if this could present a financial hardship.
Bankruptcy is a viable opportunity for consumers with excessive debt. This helps them to settle their debts without excessive measures. In some cases, the judge discharges debts such as unsecured credit cards. This reduces their total debt significantly. Consumers who need help should contact attorneys for chapter 7 bankruptcy Illinois today.
