We are living in tough economic times; there is no doubt about that. The bottom is falling out of the housing market over the last years, and people have lost jobs by the scores, making it very difficult for them financially. When at the end of the financial rope, many consider filing in court because they are facing insolvency. The best thing to do in this case is to find a good financial attorney. However, this is not something you want to broadcast across your social network. You can find excellent attorneys online by doing very specific searches. For instance, if you live in the Windy City, you might search for Chicago bankruptcy, or even more specifically North Riverside bankruptcy. While it is not impossible to prepare your own documents and represent yourself in such cases, an attorney is definitely recommended.

Many people actually try to represent themselves, and while this is not impossible, it is a very complicated process. The terminology of the legal system is difficult to understand at best, and the number of documents that must be filed could be overwhelming. Those who file personally cannot use ignorance as an excuse for mistakes that are made in their case files. They are held accountable the same as any attorney.

Major questions always come up with regard to this process. What is involved in the process of the liquidation of assets? What, if any, personal belongings you get to keep? Is it OK to sell some of your belongings before they are taken away? Do you have to give up your house and your car? If there is a lien, will that lien be satisfied at the end of the legal proceedings, or will you still be liable for it? And perhaps the most often asked question, will I be able to get any credit? These and other questions are easily answered by a competent attorney.

One of the first things that your attorney will let you know is that according to law, you will need to complete a course in credit counseling. This must be completed before the court will consider your case. An additional requirement is that the debtor must go through a personal financial management course before the court will consider discharging any of their debts. Both these courses have been instituted by law to educate those who file in order to alleviate any future financial problems.

If you do follow through with the court procedure, and resolution is reached, you will no longer be liable for most of your debts. The assets that you were allowed to keep, such as your house, will have a payment schedule that has been set up by the court and must be maintained. It will be your responsibility to maintain stable financial habits. The credit counseling and financial management courses give excellent guidelines that will help you. Of course, you will be limited in the amount of debt you can accumulate simply because of your credit report. However, keep in mind that there are some businesses who will extend you credit because they know that you have little or no debt now, and they will consider you a good credit risk.

Author Bio: Ellie Lewis recently worked closely with a chicago bankruptcy attorney while conducting research for a new article she is planning. She searched the term north Riverside bankruptcy to learn more about it.

Category: Legal
Keywords: Chicago bankruptcy,north Riverside bankruptcy