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If you are struggling with unmanageable debt, bankruptcy could provide the debt relief you need. While bankruptcy is not right for everyone, it has helped millions of Americans find hope for a bet
CHAPTER 7 A CLEAN SLATE WITH DEBT ELIMINATION
Filing for any type of bankruptcy, including Chapter 7 bankruptcy, will immediately stop all collection actions by creditors including garnishments, repossessions, letters and phone calls. A Chapter 7 is the most common form of bankruptcy and is designed to get people out from under an overwhelming load of debt. It is the quickest form of bankruptcy and will completely eliminate most: credit cards, personal loans, repossessions, judgments, law suits, medical bills, utility bills, payday loans, and wage deductions or garnishments. As soon as you file, all of the collection letters and calls end immediately.
You will also get to keep a lot of your property due to Illinois' generous exemptions including:
$15,000 in Home Equity/$30,000 for a married couple
All retirement benefits such as IRAs and pension funds
$2,400 equity in one vehicle
$1,500 in all tools of your trade
Up to $4,000 in other personal property
CHAPTER 13 DEBT REPAYMENT AND REORGANIZATION
Chapter 13 bankruptcy involves the consolidation and reorganization of all your debts into one or only a few monthly paymnts. For those people who do not qualify for a Chapter 7, a Chapter 13 bankruptcy will still eliminate most all of your unsecured debt and reduce your overall debt load significantly. If you are facing a mortgage foreclosure, repossessions, high interest credit cards, payday loans, or wage deductions, a Chapter 13 bankruptcy can help you.