A bankruptcy lawyer Galesburg, IL relies on from Pioletti Pioletti & Nichols has helped many clients who are struggling with filing for bankruptcy or who are trying to understand if bankruptcy is the best approach for managing their debt. When you apply for bankruptcy, a court helps you (or a business) to manage the debts you have through a couple of processes: it could be through liquidation or reorganization. Bankruptcy is an option that business owners have and individuals have and if this sounds like it could be a solution to your debts, please give our office a call. We would like to help you come to the right decision and understand the options you have for getting out of debt.
Who are the people involved in the bankruptcy process?
If you have not applied for bankruptcy before, you likely want to know some of the basics. You are the debtor, the person who is applying for bankruptcy. You are the person who owes money to an institution or to another person and you are legally obligated to pay that person back. The creditor is the other person in this equation. They are the institution or the person that you owe money to.
What are the most common types of bankruptcy?
A Galesburg, Illinois bankruptcy lawyer knows that for the individual the most common types of bankruptcy will be Chapter 7 and Chapter 13. With Chapter 7 bankruptcy, you can lose many of your assets through the liquidation process and with Chapter 13 you are given the opportunity to pay off many of your debts through reorganization.
I have a specific type of bankruptcy I would like to file for. Can I choose?
While you may have a preference for the type of bankruptcy you wish to file for, it doesn’t necessarily work out this way. You must meet eligibility requirements to file for the specific types of bankruptcy. That said, if you happen to meet the eligibility criteria for Chapters 7 and 13, you can speak with your attorney about which one would be best for you.
What does it mean to commit bankruptcy fraud?
Bankruptcy fraud can happen in a few different ways. For example, a person may attempt to hide their assets so they do not end up losing them or they may intentionally choose not to file the right information when they apply for bankruptcy. There are serious consequences for those who are found committing bankruptcy fraud.
If you would like to speak with our bankruptcy lawyer in Galesburg, Illinois, reach out to our office now.