Despite all of our best efforts, sometimes Joliet, Plainfield, and other Will County residents might consider filing bankruptcy to alleviate debt. However, this is not a decision to be taken lightly. Will County residents should carefully consider their circumstances and consult with an attorney to determine if bankruptcy is right for them.
Your income, as well as, the amounts and the type of debt you owe are important to consider when determining whether to file for bankruptcy, and which type of bankruptcy to file under. Under Chapter 13 Bankruptcy certain debts, such as credit card debt, will be eliminated, however, you will agree to a payment plan and give up some of your future income to go towards the repayment of your debt. Under Will County chapter 7 bankruptcy, most of your debts will be eliminated without any promise to pay future income. However, a trustee is put in charge of most of your funds and property, which he can dispose of or sell to go towards your debt. If you have a steady income and do not wish to lose any of your property you might look towards a Chapter 13 Bankruptcy. It is also important to know that some debts will not be erased by either type of bankruptcy.
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