Going through with the decision to declare bankruptcy is not easy, especially if you have a lot of property at stake. It’s important to have an understanding of how Illinois bankruptcy proceedings work so you don’t end up hurting yourself more. Most people that go into the process are overwhelmed with the figures and statements required by the court, and are too cost-weary to hire a lawyer.

The reality is that filing for bankruptcy is extremely complicated and almost always requires a professional in order to be done correctly. Most lawyers work for low rates because they know their clients are having financial trouble. A good attorney will also be able to protect certain assets from being seized if your creditors have started to liquidate your property. That means keeping your car and saving your home during the extremely difficult time you are having. A lawyer can also get debt collectors to stop contacting you through the mail or over the phone.

Chapter 13 bankruptcy is one of the most common filed for individuals, and has both its advantages and drawbacks. An advantage is that it can stop foreclosure on your home or other property. It can also prevent your creditors from going after any friends or family members that co-signed with you for loans. These are two protections not offered by the more popular Chapter 7 filing. Conversely, a Chapter 13 filing can linger on your credit history for upwards of a decade and may have potential loans nullified when you go to make a major purchase.