Bankruptcy is commonly perceived as an end of the road tactic for people who poorly managed their finances. On the contrary, filing for Illinois bankruptcy can be a fiscally prudent move that seeks to reverse debt that has been accumulating at an unmanageable rate. Every year, millions of people go through the process in court and come out successful in the end.

While there are many falsehoods about filing, one thing that is true is that bankruptcy can actually get rid of your debt without you having to lose everything that you own. Unemployed individuals who don’t have a lot of assets can actually have their debt completely discharged in court if they can prove they don’t own much. Similarly, homeowners can hire an attorney to put special protection on their vehicle and home if creditor’s are seizing their property to sell off in an effort to reap some of the money owed by the debtor.

Chapter 7 bankruptcy is the most typical style filed by individuals who owe hundreds of thousands of dollars to one or many lending agencies. A judge will appoint a representative of the court to oversee the sales of most of your assets, such as a condo, car, or jewelry, and use the money made from those sales to pay back creditors. This can take as long as four months on average, and there are few things the court will not try to seize. If you have a good lawyer, though, you may be able to put exemptions on certain items like your vehicle.