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If you are living hand to mouth, even though you have your own business in Elgin, Illinois, filing for bankruptcy can relieve you of your burden.

However, the decision to do so should only be made if it is the best course of action, which includes resolving your financial issues. While it can give you a fresh start, it is a legal procedure and it does not exempt you from child or other domestic support obligations. On the other hand, by filing for bankruptcy, you can stop your creditors in their tracks until all your other debt is taken care of.

The Paperwork

To start the bankruptcy procedure, the first thing you need to do is itemize your existing sources of income. This includes records of any major financial transactions you may have made in the current year (such as for a new car), your monthly living expenses, the secured and unsecured debt you owe as well as any property you own.

Additionally, you should also collect your tax returns for the last two (2) years, titles for your properties, real estate deeds as well as documentation for any loans you took. The properties should include all assets and not just real estate.

The Process

Once you have everything you need for the process, ask your attorney to determine which properties are exempt from the seizure, according to the law. To file, you need to get a petition as well as relevant forms from the bankruptcy court. These are known as schedules and they describe your current financial state as well as offer proof of transactions you made within the last two (2) years.

Make sure these documents are authentic and accurate or you may ruin your chances of filing successfully.

The Cost

The cost of filing for bankruptcy differs, according to the type you are filing – Chapter 7 requires $306 and Chapter 13 requires $281 whether you are filing as an individual or as part of a couple. The fee can be paid in installments – if you cannot immediately pay the amount in full. This may be a good course to take, especially if you need to pay for an attorney.

What Bankruptcy Cannot Do for You

While declaring and filing for bankruptcy can help you get back on your feet financially, it cannot do the following for you:

  • Exempt you from credit card debts before you filed for bankruptcy
  • Stop an eviction the court ordered before you filed
  • Discharge debt you had before you filed
  • Allow you to keep a luxury property, such as a vacation home or highly expensive jewelry
  • Eliminate security interest, such as for a mortgage

If you fail to plan, you plan to fail. Take action now by declaring bankruptcy with help from an attorney from the Casement Group, P.C in Elgin, Illinois. As a debt relief agency with years of experience helping debtors like you, we can help you get back on your feet financially. Get in touch with us by calling 847-888-9300.