Illinois Bankruptcy Laws
The phrase “you can’t fight city hall” is certainly an ominous one, and it is an axiom that rings true for individuals battling in court over personal bankruptcy. It comes as no surprise that Illinois bankruptcy laws are especially confusing, arcane and infuriating, and anyone unversed in the letter of the law will have a very hard time of gaining any ground in front of a judge or when dealing with their creditors.
Every state is different in terms of what protections it can offer to debtors, but an increasing number of areas are giving more power to creditors, and people are forced to fight back with practically no knowledge of their consumer rights. That’s why hiring a bankruptcy attorney can be the make or break decision that will either reverse your property from being sold off or see your home on the auction block. What little the services of a legal professional will cost now is nothing compared to what you may stand to lose by not doing so.
Most creditors don’t want you to consolidate your debt. That’s because if you are being harassed by multiple loan agencies, each one can charge you different interest rates and impose its own penalties. When debt is consolidated, however, you will receive a fixed interest rate and a court-ordered payment schedule that the creditors can not have altered without first going through the trouble of an appeals process. None of this is possible, however, if you do not work with a lawyer who has experience helping people consolidate their debt.