Most people that have gone through a bankruptcy will tell you that while it may have been the only financial option available to them, it is far from a pleasurable experience. Getting to the point in your personal finances where you have clarity enough to know that the only option is bankruptcy is a very sobering time. However, in order to see a better financial future, sometimes these sorts of measures are necessary. That’s why if you’re looking to file for Chapter 7 Bankruptcy in Marion, IL, you may want to consider hiring an attorney to help you through this process.
The main reason why hiring an attorney for bankruptcy filings is important is because of how complicated the process of filing for bankruptcy can be. Depending on the situation, a bankruptcy filing can be anywhere from 30 to 60 pages long. By having an attorney preparing this paperwork for you, you will be relying on somebody with experience in the filing process for bankruptcy.
In addition to the initial filing of a petition for bankruptcy, the process of bankruptcy can be complicated as well and can be difficult for the untrained individual to understand. When filing for Chapter 7 bankruptcy, most of your debts are absolved by the courts. However, in some situations, you may be required to liquidate certain assets in order to repay some of your debt. An attorney will help you to understand that necessary assets like your home and your vehicle won’t necessarily be required to be liquidated. They will, however, help you to understand what assets, if you have any may need to be liquidated and they will also help you out in the other aspects of the bankruptcy process.
Whether you’re filing for Chapter 7 bankruptcy in Marion, IL or Chapter 11 Bankruptcy in Carbondale, IL, the best thing you can do is have legal representation with an attorney. With their knowledge of the bankruptcy proceedings, what the court will expect from you and what your obligations are, you’ll be in a better position to get through this difficult process and hopefully move on to a brighter financial future.
