Financial security is never a guarantee in life. Often when money is steadily coming into one’s household, the amount of expenditures are increased. With the raise at work comes the raise in lifestyle, including an upgraded house, new car, and vacations. These materialistic possessions are all well and good when they can be paid for, but what happens when the economy forces layoffs at work and your position is one of the first to go? Now the flow of money stops abruptly, but the bills continues to flow in, and when the first of the month arrives the mortgage, car payment, and utility bills are all due. This can be a stressful period for anyone, but there is a way out. Chapter 7 bankruptcy attorneys in Chicago will provide one with the knowledge of how go about filing bankruptcy.
Bankruptcy is sometimes said with an underlying negative connotation, but bankruptcy can be a life saver to those who are willing to take advantage of the program and reap the benefits it provides. One advantage to filing chapter 7 is there is no payback on unsecured debts which include cars, houses, and personal loans. Almost all debt is discharged and eliminated except for government taxes, student loans and those debts which longer need to be paid.
Another benefit to filing chapter 7 bankruptcy is when the unsecured debts are eliminated, you still keep all of the assets which you were paying on. National research shows that ninety-four percent of people who file for chapter 7 keep everything in which they owned before filing for bankruptcy.
Chapter 7 bankruptcy attorneys in Chicago will also help protect your future income from being affected by the bankruptcy process. Once chapter 7 is filed, the court is mainly concerned with the amount of money made prior to your bankruptcy filing. Bankruptcy estate is the money in which you will earn in the future and usually cannot be touched. Some monies earned within the first 6 months of filing chapter 7 may be included into the settlement, but you can be comforted in the fact that your future money will still be yours in totality.
