On August 1st, former Oakland Athletics Baseball player Jose Canseco filed for Chapter 7 bankruptcy in Nevada and is seeking asset liquidation. The filing lists a total of $21,000 in assets and $1.69 million in debt. That total debt includes the more than $500,000 in unpaid taxes that the 1986 American League Rookie of the Year owes to the Internal Revenue Service. It’s a difficult decision to file for Chapter 7 bankruptcy, but most likely your situation is already looking much better than Canseco’s.
Chapter 7 bankruptcy can be a smart decision when you’re dealing with an overwhelming amount of debt. It can give you a chance to restart your financial life and recover from high debt. If you’re a resident of Marion, IL who’s facing the specter of high debt, Chapter 7 bankruptcy may be the right choice.
Chapter 7 bankruptcy allows you to eliminate your debt, although it requires that you sell off a number of different financial holdings such as bank accounts and stock. If you’re looking to keep these assets, then you might want to look at Chapter 13 bankruptcy, which allows you to work with your creditors to create some form of payment plan. If you’re looking for a fast way to resolve your debts and move on, however, then Chapter 7 is probably still your best option. The whole process of Chapter 7 bankruptcy usually takes between three and six months.
Despite this quick resolution, however, Chapter 7 bankruptcy does have some important conditions. For one thing, it can remain on your credit history for long after those few months, in some cases even for up to ten years afterward. For another, you must fall below specific limits on income in order to be able to file for Chapter 7 bankruptcy (In Marion, IL this is roughly $65,000 for a family of three). Even if you do qualify, keep in mind: not all debts can be erased by Chapter 7 bankruptcy. Some types of debt such as student loans and child support will stay with you even if you file for Chapter 7 bankruptcy.
Chapter 7 bankruptcy, will, however, allow you to discharge most unsecured debt. This includes things such as loans, medical bills and credit card debt. Filing for Chapter 7 bankruptcy will also allow you to keep property such as your home (in Marion, IL, up to $15,000 for an individual, or $30,000 for a couple), car and retirement plan.
Chapter 7 bankruptcy may be the smartest option for you. The best way to find out is to consult a bankruptcy lawyer in your area so that they can explain your legal options to you. But no matter what your financial situation, you’re probably a lot better off than Jose Canseco already.
Chapter 7 Bankruptcy Marion IL If you’re looking for a Chapter 7 bankruptcy attorney in the Marion, IL area, get in touch with Bradley P. Olson. The Law Office of Bradley P. Olson has been helping Marion residents with debt relief cases and can help you regain control of your life and start to move towards being debt free.