Northern Illinois Criminal Defense And Real Estate Law Blog

There may be a lot of apprehension when it comes to filing for bankruptcy, which is understandable. Most people are already in a vulnerable place by the time they realize it is time to take action. One of the biggest concerns that people have is that they will lose everything they own, from their homes to their cars. This is a common misconception when it comes to Chapter 7 bankruptcy, so here is what people in Illinois can actually expect.

Unlike Chapter 13 bankruptcy in which filers create a three to five year payment plan, Chapter 7 involves selling off some of a person's personal property to pay off some of his or her debt. However, this only applies to non-exempt property. A person's exempt property will remain in his or her possession.

Talking about money is still pretty taboo, which means that there are a lot of Illinois consumers worried that they are the only ones in over their heads. What most people would probably be surprised to discover is that their situations are not all that unique. According to a recent study, Americans are carrying a huge amount of debt, and some generations might be edging closer to Chapter 7 bankruptcy than others.

The 2019 Consumer Debt Study from Experian shows that the average consumer has $90,460 of personal debt. That debt includes everything from retail credit cards to mortgages. In total, Americans owe $14.1 trillion in consumer debt.

A head-on collision ultimately ended in drunk driving charges for one man. Illinois police charged the alleged drunk driver with one DUI charge and two separate counts of aggravated DUI. Police also say that he did not have any car insurance and issued a citation for that as well as improper lane usage.

The wreck occurred shortly after 1 a.m., when a sheriff's deputy was out driving. As he traveled on the eastbound side of a road, a 24-year-old driver who was heading westbound allegedly crossed over the center median separating the two sides of the road. The two vehicles hit head-on. Although both vehicles were seriously damaged in the wreck, neither the alleged wrong-way driver nor the sheriff's deputy were seriously injured, although both did receive treatment for minor injuries.

Many Illinois residents currently find themselves in a very challenging financial situation. Whether you have seen your hours cut or have lost your job, it can be hard to make ends meet when the income that you depend upon is reduced dramatically. Any savings that you might have to make it through such a difficult time could be depleted quickly, leaving you unsure where to turn next.

You may have questions about the right steps to take to protect the resources that you do have, including your home or car. Filing for Chapter 7 bankruptcy is a real option that may allow you to reduce or eliminate some outstanding debt while you reorganize your financial future. If you are experiencing any of the issues below, you might want to consider filing for bankruptcy protection.