Bankruptcy Provides Instant Relief
When you file chapter 7 bankruptcy, the relief is instant. An automatic stay is created which is then sent to all of your creditors notifying them that you have filed for bankruptcy protection. Most collection efforts must cease from that point forward. You will have a meeting of creditors also referred to as your court date which you must attend approximately 4 to 6 weeks after your bankruptcy case is filed. Your attorney will appear with you as you answer a series of simple, yes/no questions from your chapter 7 panel trustee. The trustee’s duty is to determine whether or not you have any non-exempt assets which can be sold for the benefit of your creditors. In most chapter 7 bankruptcy cases, there are no assets to administer to your creditors. Whatever property you do have is typically protected under the state of Illinois exemptions.
Timeframe
If you were to file chapter 7 bankruptcy today, your meeting of creditors or court date would likely take place during the final week of November. Absent any objections to your discharge, you will start off the year 2015 a brand-new, financial entity. You will bring in the new year, debt free as others are placing more and more of a debt burden on themselves by utilizing their credit cards for Christmas gifts. You will be smiling on the morning of January 1, 2015 when others are worried about how they are going to make that next scheduled credit card minimum payment.
The Time Is Now
So if you’re struggling financially and possibly have been struggling for years and years, now is the perfect time to take control of your financial situation. Filing bankruptcy will provide relief that you may not have believed was possible since the law changed. However, those that avail themselves of the federal laws and my services in particular, often wonder why they waited so long to file. If they only knew that there was this type of help and this type of relief, they would not have waited. They suffered too long before taking action. They sacrificed and struggled too many years before realizing that they needed the help. They took money out of their 401(k)’s which I could’ve protected. They borrowed money from family and friends only to see those relationships suffer once there was a lender/borrower factor injected into the relationship. They simply gave it a college try when the insurmountable interest and debt made it an impossible endeavor. Don’t be a victim. Do what you need to do and what’s best for you and your family.
