chapter 7 bankruptcy options, Tinley Park Illinois bankruptcy lawyerWhen you are drowning in debt, it is easy to consider filing for Chapter 7 bankruptcy. It is, after all, a way to effectively eliminate most (if not all) of your debt so that you can begin to turn things around. It is, however, important to understand that there are some negative implications and that, in some circumstances, there may be other, better options.

Know Your State’s Laws

According to Illinois state law, individual debtors must go through credit counseling within six months prior to filing for bankruptcy. An analysis of income and expenses during that same time period will also be done to ensure the debtor’s median income qualifies for Chapter 7 bankruptcy. If the debtor does not qualify, they may still be eligible to file for a Chapter 13 bankruptcy.

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