When your finances have gotten out of control and you feel there is no way out, you may feel overwhelmed. The first step you need to take in trying to overcome your debt is to contact each of your creditors. They may be willing to work with you so you can make arrangements for repayment. If you try to reach out to each of your creditors and are finding they are unwilling to work with you, there is still hope. Many people are able to find relief from their debts through filing for bankruptcy. This can help you to regain control over your finances and work towards having a better financial future. Through the help of a Bankruptcy Attorney in Effingham IL, the process can go much more smoothly than you might imagine.
What are the Steps You Need to Take to File for Bankruptcy?
The first step you will need to take is to contact a Bankruptcy Attorney Effingham IL. You will need to make sure you bring in information on the debts you owe as well as your assets, and income. All of this information will be used to assist the attorney in making the decision on which type of bankruptcy will best benefit your financial situation. While there a few choices you have in filing, there are two types that are most common. Chapter 7 bankruptcy allows you to liquidate your non-essential assets to pay your debts. A bankruptcy trustee is placed over your case, making sure as much of your assets are liquidated as possible.
Chapter 13 bankruptcy does not require you to liquidate your assets to pay your debts, but you must pay a monthly fee to the court. The court system will distribute the monthly payment among your creditors each month. In most cases, people are able to pay off their debts in a period of three to five years.
If you are dealing with way more debt than you can handle, visit Domain and learn more about your options for filing for bankruptcy. Through these options, you can regain your financial freedom and overcome the debts weighing you down.