If you’re looking for a Chapter 7 bankruptcy lawyer Peoria IL has many to choose from, but not all are created equal. Before you invest money and time, it’s important to find a lawyer you feel comfortable with. Smith & Weer, P.C. understands the complex laws and regulations associated with Chapter 7 bankruptcy. Having years of experience and a determination to get results, we have helped to alleviate financial stressors for thousands of clientele. If you would like to schedule a consultation with a Peoria Chapter 7 bankruptcy lawyer, please call our firm today.
Filing for bankruptcy can be a difficult decision, especially if you have seen or experienced the negative stigma associated with bankruptcy. This misinformation sometimes originates from creditors who will ultimately be discharged from collecting money from you once your case has been filed. Some creditors might do whatever it takes to mislead you into thinking filing for Chapter 7 will cause irreparable damage. This is simply not true. In Peoria, Chapter 7 can put you in the perfect position to regain your financial standing by eliminating all of your unsecured credit for good. Debts like medical bills, credit cards, and certain loans can be discharged, leaving you with a clean slate. This fresh start is exactly what lawyers at Smith & Weer, P.C. want to help you achieve.
Qualifying for Chapter 7 Bankruptcy
In order to qualify for Chapter 7 bankruptcy, you must meet certain eligibility requirements. These can vary by state, and may be explained in further detail during a consultation with a Chapter 7 bankruptcy lawyer Peoria IL has to offer. In general, you will be required to take a means test. This will evaluate your total net income on monthly basis for a six month period. If the test shows you have little or no disposable income, you may be able to file. If your income is above the median income threshold, you might still have legal options that include bankruptcy. In addition to taking the means test, a Chapter 7 bankruptcy lawyer in Peoria IL can only file on your behalf once every 8 years.
The Process of Chapter 7 Bankruptcy
On average, it will take a lawyer like Smith & Weer, P.C. between 3 and 4 months to file and discharge the petition. Prior to initiating the process, you may be required to undergo pre-bankruptcy debt counseling, which is very basic and helps you to understand what you can expect in the coming future with regards to credit cards and loans. A Chapter 7 bankruptcy lawyer Peoria IL respects may be there to assist you in any hiccups and make sure you understand everything going on. Once the counseling has been completed and all documentation is assembled, the petition can be filed with the United States Bankruptcy Court.
Contact Smith & Weer, P.C. for a Chapter 7 Bankruptcy Lawyer You Can Trust
Chapter 7 bankruptcy may have a number of benefits for individuals who are in excess debt and under an immense amount of stress. To find out how a Chapter 7 bankruptcy lawyer Peoria IL offers could help you out please call 309-694-6700.