The Benefits of Filing Chapter 7 Bankruptcy

Getting daily phone calls, threatening letters in the mail, even e-mail or Facebook postings from aggressive creditors can not only tax a person’s resolve, but can lead to intense anxiety. In modern times, we do not have debtors prisons (the usefulness of such instruments, even in the past, is rather dubious), but creditors are allowed to take very specific, sometimes aggressive steps to try to recover any debt that is owed to them, including taking you to court, getting a judgment against you that allows them to take money automatically out of your paycheck, or allows them to receive money directly from your tax return, as well as other options. In most cases, the pressure exerted by aggressive creditors is not helpful and merely adds to daily stress as bills continue to pile up and you are still incapable of producing the money you need from nowhere.

Residents of Illinois who have been victims of the recent financial crisis and recession and as a result have lost jobs and income may have recourse by filing from a Chapter 7 bankruptcy in Schaumburg. Even if you are working, you may not be making as much as you did in the past and not have the disposable income to make payments on large unsecured debt, such as credit cards, the foreclosure of a home, medical bills, or any other loans or credit that was given to you without any type of collateral involved.

The only action your creditors can take in this instance, other than to threaten and cajole you as often as possible on the phone, through the mail and even at times by showing up at your front door, is to file a lawsuit against you to recover the amount of any credit they have extended to you, plus applicable interest and fees. Unsecured debt can be wiped clean by filing a Chapter 7 bankruptcy in Schaumburg, allowing you to start over fresh, and get back on track financially in preparation for your future.

One of the advantages of filing for a Chapter 7 bankruptcy in Schaumburg is that it is a pretty fast process and is not very expensive (particularly in comparison to the money you owe creditors). Most of the property you own you can keep, such as your cars, furniture, personal items, jewelry, and more, and your credit will begin to rebuild at a fairly quick pace. Once you are debt free, you will be given the chance to start over from a position of financial strength and integrity without the hassle of creditors breathing down your neck day in and day out.