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Debt Consolidation vs. Bankruptcy: Which Is Right For You?
Debt Consolidation vs. Bankruptcy When considering how to handle your overwhelming debts, it is imperative to understand all your options. Common forms of making debt management easier are debt consolidation or various filings for bankruptcy. Depending on your situation as someone handling individual debt or business debt, either method can help you attain financial freedom. The differences between debt consolidation vs. bankruptcy can heavily influence your decision. What is Debt...
How To Set Up A Trust
If you're asking yourself how to set up a trust, then you understand the importance of protecting your assets. What is a trust? A trust is a legal document that designates assets to be protected and controlled by the trustee. With a trust, a grantor, the person who sets up the trust, reallocates assets to a trust. The trust is controlled by a trustee, who is responsible for distributing the assets as mandated by the arrangement of the trust. Assets are not just limited to liquid monetary...
How To Make A Will In Illinois
When preparing for the future, you must also prepare for the unexpected. While it’s unpleasant to think about, setting up a will is something that every adult should do. You never know when you may become incapacitated or worse. Learning how to make a will can save your family additional hardship and can ensure your final wishes are respected when that time comes. What Is A Will? A will is a legal document that states what assets are transferred in your death. It dictates who will...
Small Business Bankruptcy – Filing Bankruptcy For A Small Business
Though the public perception of bankruptcy is negative, bankruptcy does not mean defeat. Filing bankruptcy for a small business was created to get business owners back in good financial standing and make getting out of debt attainable. While large corporations have a systematic process for handling bankruptcy litigation, the process is much more stressful for small business owners. In Illinois, there are two types of bankruptcy laws that small businesses commonly file for: Chapter 7...
How To File Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a form of bankruptcy that eliminates your debts. In some cases, it may require liquidation or the selling of assets in order to pay off debts. However, in almost all Chapter 7 cases, the filer can keep their home and vehicles. I. The other option for bankruptcy is Chapter 13 which is a repayment plan for your debts. However, Chapter 13 is not right for everyone, and in most cases, Chapter 7 is the best option. If you’ve met with a bankruptcy attorney, and you’ve...
