Unexpected events can often result in significant financial stress, leading to a higher amount of debt. Bankruptcy can be a practical and viable option for Chicago area residents who find themselves with debts that have become unmanageable. Deciding to file for bankruptcy is a major decision and the process can be confusing. Therefore, it is important to understand your bankruptcy options, the requirements and the steps involved.
Chapter 7 bankruptcy can be the fastest and best way to eliminate debt, but this type of bankruptcy doesn't work for every person and every form of debt. For instance, credit card debts and overdue utility or medical bills can be discharged, but, debts such as child support, student loans or tax obligations cannot.
Credit counseling is required as part of the Chapter 7 bankruptcy process. The counseling must be done through a Department of Justice approved credit counseling agency and can be completed on the phone or online. The goal of the counseling is to provide an understanding of the bankruptcy process and the impact and potential future consequences of filing for bankruptcy.
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