Filing for Personal Bankruptcy
Bankruptcy lawyers Peoria IL clients recommend understand that suffering financial problems is something that is experienced by a number of people today. It can be easy to find yourself so deep in debt, unable to make your way out again. Although making the decision to file for bankruptcy can be a hard one, it can help wipe the slate clean for you to resolve your debt and start anew.
It can be difficult to come to a decision regarding bankruptcy. Consulting with bankruptcy lawyers in Peoria IL from Smith & Weer, P.C. will be beneficial in determining what your next steps should be. We have more than 35 years of experience in providing the people of the Peoria area with legal advice surrounding this very serious matter.
Types of Bankruptcy Bankruptcy Lawyers Peoria IL Families Depend on Can Explain
Are credit collectors hounding you? Are you unable to meet the minimum payments on your credit cards? Insurmountable debt can leave a person feeling shameful and hopeless. Bankruptcy gives people the opportunity to get themselves out of debt and receive a clean slate. When determining which type of bankruptcy to file, there are two options. Based on your specific situation, one will be more applicable to you than the other. Bankruptcy lawyers Peoria IL residents trust will be able to advise you regarding the best option for you.
Chapter 7: gives you the opportunity to discharge some or all of your debts. You will first need to use any liquid assets such as cash or assets that can be made liquid quickly. This will be utilized to pay off as many of your debts as possible. You will be able to keep what is known as exempt property in order to start your life free from debts. The purpose for exempt property is so that a person may retain some of their property for their fresh start. Exempt items may include:
- Personal belongings (even some jewelry)
Chapter 13: is also known as reorganization bankruptcy. Chapter 13 allows for you to pay off your debt in the form of a monthly payment over the course of three to five years. Usually, any debt left after the allotted time period is discharged. In most cases, people with a higher income are eligible for Chapter 13.
How Bankruptcy Lawyers Peoria IL Locals Turn to Can Help You
An attorney can be particularly helpful during the bankruptcy process. Plan to come to your first meeting prepared with personal information such as your debt, tax information, income, etc. We can help you navigate the complexities of bankruptcy law swiftly and efficiently. We will need to have a clear understanding of your assets, especially your property. We can help determine the best decisions you should make when it comes to your property and bankruptcy.
Making the difficult decision to file for bankruptcy will make many people feel shameful. If you are deep in debt and unable to make the payments needed towards your debt, bankruptcy may be the only way out.
Call Peoria bankruptcy lawyers provides today at 309-694-6700 to schedule your first appointment with us. The bankruptcy lawyers Peoria IL provides from Smith & Weer, P.C. will be able to answer any questions you have regarding the bankruptcy process.