You are overwhelmed with debt. You are feeling completed stressed. You have thought that you might file bankruptcy yourself or you might call a Hoffman Estates bankruptcy lawyer instead. You glance at your kitchen table and notice that bills are piled up, the mortgage is due, and the car payment is due. The thought goes through your head, “What am I to do?” “Which bill should I pay first?” That is a very common and typical question. They are scared if they do not pay a certain bill, they will be in more trouble then they are already.
Should they call a Chicago bankruptcy lawyer with tons of questions? Which is a good question? When you decide to make an appointment, you write down all the questions you have and more. One of the questions should be which bill should I pay and which one should I wait to pay? It is an easy answer. If you want to keep the product, (like your home, car or any major product) you should keep up with the payments. Bills like credit cards, (credit cards used for food, or miscellaneous items) are most likely will be discharged in a chapter 7 bankruptcy. If you received a loan from the government, such as a student loan, a ticket from the government, will probably not be dischargeable.
Let’s start with some bankruptcy basics. My suggestion is to first write down all your questions that you may have about the situation that you are in. Give a call to a bankruptcy attorney a call to sit down with one to see which chapter you may do. The laws always changes, so, to the best thing is to give them a call and ask them first. Bring in your most recent pay advices and questions to the attorney and let them tell you which chapter you may fall under. Ask them what will be dischargeable and which ones will not. See which bill you should keep paying for and which ones should you stop paying for.
Remember, the attorneys are there to help you, steer you in the right direction. It is a very scary moment in your life. You are probably thinking, “I never done this before, not sure if I should. Maybe I should just pay them off in a timely fashion”. Honestly, that does sound good, the problem is, and those people do not tell you the ends results.
Bankruptcy will not be on your tax return as a gift, and you will not pay taxes on it. When you take a settlement offer, the company will send you a form that you may have to put onto your taxes and then you might have to pay the government taxes on that.
You can talk to an Illinois bankruptcy attorney about that question also. Lastly, remember to do some research on this first. It will make it easier for you in the long run.