Are you a business owner and your company is drowning in debt? Perhaps you do not own a business, but are experiencing more debt in your life than your income can cover. If either of these scenarios sounds familiar to you, you need financial help. The first step in getting out of debt is contacting your creditors to try and make arrangements. This can often give you more time to come up with the money you owe. In some cases, the debt just becomes so extreme, there is no way out. When this happens, your only option may be filing for bankruptcy. To find out if you are a good candidate for Chapter 7 bankruptcy, it can help to contact Bankruptcy Lawyers in Effingham IL.
What Is Chapter 7 Bankruptcy and How Can an Attorney Help?
Chapter 7 bankruptcy can be used by both business owners and non-owners. This type of bankruptcy is one of the fastest types to file, because the entire process normally takes around six months or less time. In this bankruptcy, all of your property and assets will be carefully examined and categorized as essential or non-essential. Essential items normally include your home, car, furniture and clothing. The rest of your assets will typically be liquidated as much as possible. This allows for part or all of the money you owe creditors to be returned to them.
As a part of the process, a trustee will be placed over your case. The trustee’s job will be to work with your creditors and provide them as much funds from the liquidation of your assets as possible. The trustee will also assist you, by having the power to absolve you of certain debts or portions of debts you owe. The ultimate goal is to get your creditors as much money back as possible.
If you are dealing with business or personal debt and need assistance in knowing if chapter 7 bankruptcy would be an option for you, visit Jdgrahamlaw.com and find out more information. They can represent you through your bankruptcy case, so you can finally find relief from your debt burdens.
