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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I live in IL and really need some help with my bills...I had

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I live in IL and really need some help with my bills...I had a question on how the bankrutcy works.....I have a home in pre forecloser, gas has been turned off on my home, med bills, cerdit card bills......what does bankruptcy offer? will i keep my home? does it help with utilities? thanks

Hi jmrna,

Whether you would be able to keep your home would depend on whether you can pay the mortgage. If you are behind on the mortgage payments, you can file a Bankruptcy that would allow you to pay the past-due amount over a period of 5 years, in addition to the regular mortgage amount.

The same would apply to the utilities - the gas company would also have to turn the gas back on, and you would have to pay the arrears over a 5-year period, in addition to the regular monthly gas bill.

As you can see, this type of Banktuptcy is really only beneficial for someone who recently had trouble paying the bills, but who is now in better financial condition.

I think this is what you wanted to know. If not, please let me know.

Thank you!

Customer: replied 6 years ago.
how long does it take to file something like this and get everything back on?
It would take about 2 weeks (minimum) for an attorney to file the papers for the Bankruptcy. The gas gets turned on shortly after the paperwork is filed.
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