Bankruptcy Lawyer Peoria IL
If you have questions about filing bankruptcy, contact Smith and Weer, P.C. to speak with a bankruptcy lawyer Peoria IL residents trust. Edgar Weer has served Illinois residents for nearly 35 years. Call Smith and Weer, P.C. at (309) 694-6700 to discover how we may help you too.
Common Questions About Bankruptcy
If you’re wondering whether or not to file bankruptcy, the following information may be helpful. If you would like to speak to an experienced attorney, we offer a no-obligation initial consultation at no charge. A Peoria bankruptcy lawyer from Smith and Weer, P.C. can review your situation and may help you decide whether bankruptcy is a good option for you.
What is a bankruptcy?
Bankruptcy is a legal procedure designed to allow those who are significantly in debt to financially start over or catch up on their debt obligations. A bankruptcy may include discharges of certain debts, while other creditors are repaid. Businesses, as well as individuals or consumers, can file for one type of bankruptcy or another.
What is the difference between a bankruptcy lawyer and a petition preparer?
A bankruptcy lawyer in Peoria IL may provide legal advice throughout the entire process of filing for bankruptcy. A petition preparer cannot offer legal advice, and is similar to a typing or data input service. He or she will simply complete the paperwork as per your instructions.
Can all my debts be discharged in a bankruptcy?
Not every type of debt obligation can be discharged. For example, while you may be able to include credit cards (unsecured debt) and hospital costs in a bankruptcy filing, the same is not true for taxes and child support. Student debts are also not included, except under certain conditions that a bankruptcy lawyer Peoria IL provides can explain to you.
What is a Chapter 7 bankruptcy?
Chapter 7 is a type of bankruptcy filed by individuals and companies that do not expect they will have the ability to repay their debts in the future. It is known as a “liquidation bankruptcy” because the filer may have to give up certain assets such as property in order to have the majority of their debt discharged. When working with a bankruptcy lawyer Peoria IL offers, you may gain a better understanding of what assets you may have to surrender toward your debt.
What is a Chapter 13 bankruptcy?
This is known as a “reorganization bankruptcy,” because the filer must prepare a repayment plan to pay off their debts. Essentially, the person or company filing this type of bankruptcy reorganizes their debt and determines a new schedule for their payments. The repayment plan will take into account the debtor’s income, value of their assets, and how much debt they owe. When you hire a bankruptcy lawyer Peoria IL community members turn to for assistance, he or she can recommend if filing for a Chapter 13 bankruptcy is your best choice.
Smith & Weer, P.C.
Filing bankruptcy is a big step, and before filing, it’s important to make sure it is the right decision. It’s also important to consider hiring a legal professional to help you. If you’d like to explore the option of filing bankruptcy, contact Smith and Weer, P.C. to meet with a bankruptcy lawyer Peoria IL provides.