Understanding Bankruptcy Law

Overextended, collection calls, and demand letters are all stress busters that can completely upend your life if not handled properly. The pressure can mount and ultimately affect your relationships with everyone. Bankruptcy provides you with an opportunity to reset your financial life.  I am Randall Steele and at my firm, Steele Law Offices, LLC, in Glen Carbon, Illinois, I begin by evaluating your overall financial situation and determining if filing for bankruptcy is the best solution for you. Remember: Consumer credit counseling education is mandatory prior to filing for bankruptcy. The counseling education must be acquired through a government-approved nonprofit credit counseling agency. Most people think of Chapter 7 when confronted with the prospect of bankruptcy. As a debtor, your assets are sold, creditors receive payment, and you are freed from your debts. Chapter 7 is the bankruptcy most used by clients that are either unemployed or work at jobs that do not cover their bills. The thing to remember is, not every situation is the same, and there are other methods that can be used. I am a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.