Bankruptcy Lawyer Peoria, IL
Bankruptcy Lawyer in Peoria, IL
Any bankruptcy lawyer in Peoria, IL should know the difference between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy, including our experienced bankruptcy lawyers at Pioletti, Pioletti & Nichols. Debt can become overwhelming in a short time. Bill collectors may be calling all the time. Notices threatening court action may arrive daily. What can someone do who is unable to repay these debts? Bankruptcy in Illinois is a way for someone to get out from under the crush of debt and start over from scratch. There are a couple of popular proceeding types for individuals looking for relief. Chapter 7 and Chapter 13 bankruptcy can help but work in different ways. Discover the key differences in these two bankruptcy types before proceeding.
Chapter 7 Is About Liquidating Debt
Some people who own substantial assets may find themselves going through Chapter 7 bankruptcy. This type of process involves a court-appointed trustee going through assets and deciding what can be liquidated. Everything is considered, including personal items of value, such as jewelry and motor vehicles, homes and investment property, and bank accounts. However, there are exemptions or items that a trustee cannot liquidate without the owner’s permission. These usually include the primary residence and a vehicle, among other things. Each state has a comprehensive list of exemptions. A Peoria, Illinois bankruptcy lawyer from Pioletti, Pioletti & Nichols can help you figure out which exemptions apply to your situation.
Chapter 13 Involves Restructuring Debt
There may not be enough value in assets to pay off a significant part of the debt. In this case, Chapter 13 may be the better route for relief. The court-appointed trustee goes through the debts and negotiates the balances down. Then, a payment plan is established through the court based on the debtor’s income. The payments must be made according to schedule and usually continue for three to five years.
Discharge of Debt By The Judge
Once the terms of any liquidation or payment plan are fulfilled, the creditor returns to court. The judge will confer with the trustee and decide whether any further action is required. There will likely be debt remaining in some forth. This is usually unsecured or credit card debt. These are the last-paid debts as they do not have collateral that can be returned for credit. After the terms of the bankruptcy are complete, the judge will likely discharge the remaining debt. If a person goes the Chapter 7 route, this happens quicker than those making payments under Chapter 13. However, those under Chapter 7 have likely lost assets in the process that those in Chapter 13 have not.
When contemplating which type of bankruptcy is better, consult with a bankruptcy lawyer for advice. We understand that struggling with unmanageable debt can be tiresome, confusing, and overwhelming. Our lawyers can help you start over with a clean slate through debt elimination. Pioletti, Pioletti & Nichols’ bankruptcy lawyers in Peoria, IL have the know-how and experience to help decide whether Chapter 7 or 13 will provide greater relief.
Does Residence Matter for Military Divorce?
Sadly, there are times when it is necessary to get a divorce. Seeking a divorce from a spouse who is an active-duty service member is different from non-military civilians. The Servicemembers, Civil Relief Act, which went into effect in 2003, prevents a spouse from filing if their spouse is deployed. Both spouses must agree with the divorcement before filing with the courts, which differs from a civilian separation. Likewise, if you live in a different state than where you are currently stationed, this could make a difference in how you file for divorce. Here are your options if your place of residence is a factor.
If Stationed in the U.S.
For those stationed in the U.S., you should petition for divorce in the state where you are stationed. Your established residency does not matter in this case. However, if you live in a different state than your spouse, you can file where you currently reside. You can also file in the state where you have paid taxes or lived for the last six months. While you can file for divorce without the help of an attorney, understanding how to file for divorce from someone in the military can be confusing, which is why you should get legal assistance in doing so. Contact a military divorce lawyer in Pierce County, WA at Robinson & Hadeed Family Law offices.
If Stationed Overseas
Divorce is still possible if you live overseas. But, there are two factors that you have to consider. First, if you have legal residency within the U.S., the laws of the country where you are stationed do not apply to you. You will adhere to the state’s laws where you reside in the U.S. If you choose to separate under the statutes of a foreign country, then your divorce will not be accepted in the U.S. The second factor you must consider is if you have made a foreign country your legal residence. In that case, you will be subject to the laws of that country. Contact an experienced military divorce lawyer in Pierce County, WA at Robinson & Hadeed Family Law offices to get the help you need.
Filing for a divorce cannot be done without court involvement. Therefore, contacting a military divorce lawyer in Pierce County, WA is optimal. The military legal assistance office is suitable for information purposes, but they do not handle divorce proceedings unless uncontested. The attorneys at Robinson & Hadeed Family Law have a total of 55 years of experience with family law and are ready to give you the help you need.
Will I Lose EVERYTHING By Filing for Bankruptcy?
A bankruptcy lawyer in Peoria, Illinois can help you through the worst of your bankruptcy, whether it’s coming up with a restructuring plan or selling off your assets.
In a perfect world, you would keep what you earned. You wouldn’t have to worry about holding on to everything you’ve worked hard to build for yourself, and you wouldn’t have to sell everything off to satisfy creditors. Unfortunately, debt can become suffocating, and sometimes the only way out from under a major financial burden is to declare bankruptcy.
When you declare bankruptcy, you risk losing almost everything. The reasons behind your bankruptcy can vary: You might have been unable to continue with work due to an injury, or you might have just lost track of your previous obligations and now need a clean slate. Whatever the cause, there’s a chance you’ll have to liquidate some (or most) of your assets – but a bankruptcy lawyer in Peoria, IL can help you keep what matters most.
Chapter 7 and Chapter 13 bankruptcy are both used to get out from under debt, but Chapter 13 gives you a chance to work with a mandated payment plan so you can keep what you own. Chapter 7 is faster, and gives you a clean slate, but it also involves selling off those hard-earned possessions.
If you choose to file Chapter 7 bankruptcy, you’ll have to liquidate your assets. This means selling off your possessions and investments to satisfy the demands of your creditors. While filing Chapter 7 bankruptcy is a quick way to get out from under your debt, it can be painful to part with what you need to sell off: While there is a list of exempt properties you may be hold onto (such as primary residences, wedding rings, and appliances), the list of what can be sold is much longer, and it may shock you.
When you liquidate assets, pretty much everything is fair game. From family heirlooms to vehicles over a certain value, and even that stack of collectible baseball cards in your closet – it’s all worth something, and you might have to sell every last bit. While the short-term benefits of getting out from under your financial obligations may seem enticing, the sacrifice is serious and can be a source of personal pain for a long time.
Meet with A Bankruptcy Lawyer Today
Bankruptcy means freeing yourself from crushing financial burdens, but it also means potentially losing everything you’ve worked hard to build for yourself and your family. Fortunately, when you work with a bankruptcy lawyer from Pioletti Pioletti & Nichols, you get a chance to see your best options for bankruptcy, and you get a chance to hold on to the assets that matter the most.
Declaring bankruptcy is never something that should be done lightly. There are long-lasting consequences that a lawyer can explain to you, and there is plenty of legal red tape that a lawyer can navigate for you. When you reach out to Pioletti Pioletti & Nichols, you get a bankruptcy lawyer in Peoria, IL, that you can trust – reach out to us today.
Common Myths About Bankruptcy
Bankruptcy has been available to people struggling with debt for a long time, but there are still so many misconceptions about it. Unfortunately, these misconceptions may prevent some people from filing for bankruptcy. Here are some common myths a bankruptcy lawyer in Peoria, IL doesn’t want you to believe.
- You’ll never be eligible for credit after filing for bankruptcy. This is one of the biggest reasons people are reluctant to file for bankruptcy. They assume that no lenders will approve them for credit afterward. Although your credit rating will take a hit after filing for bankruptcy, you can start rebuilding it right away. For example, you can apply for a secured credit card. After a while, you can get your credit score back up and be eligible for loans.
- Everyone will know that you filed for bankruptcy. Some people are hesitant to file for bankruptcy because they think everyone will find out about it. However, unless you’re a prominent figure, no one has to know about your bankruptcy. The only way your family members and friends will find out is if you tell them.
- Only financially irresponsible people file for bankruptcy. Unfortunately, this stigma still surrounds individuals who file for bankruptcy. The reality, however, is that most people who file for bankruptcy are honest and hardworking people. They may have gotten into serious debt from a life-changing event, like a divorce, severe illness or job loss.
- Creditors will still harass you after you file for bankruptcy. This is another common myth you should not believe. After you file for bankruptcy, your creditors are no longer allowed to contact you. If they do attempt to contact you, let your lawyer know right away.
- It’s difficult to file for bankruptcy. Another reason some people hold off on filing for bankruptcy is that they assume it is a difficult process. However, as long as you work with an experienced bankruptcy lawyer, the process doesn’t have to be difficult at all. A lawyer can help you file all the necessary paperwork on time and guide you through the process.
- Bankruptcy discharges all past debts. Some people assume they can get rid of all their debts through bankruptcy. Bankruptcy discharges the majority of your unsecured debts. However, there are still some debts that can’t be discharged, such as student loans, child support, and back taxes.
Freezing Bank Accounts
One of the most stressful things about struggling with debt is dealing with harassment from creditors. Many creditors can be aggressive in their pursuit of payments, using all kinds of threatening tactics to get a person to pay. Some even pursue legal action. When this occurs, the person may fear their wages will be garnished or their bank accounts frozen. If you are being threatened by creditors, call a bankruptcy lawyer in Peoria, IL for help.
The law allows creditors to take people who owe them money to court to try to obtain judgments for the amounts owed. If the court grants the judgment, that debtor may actually be allowed to garnish the person’s wages. This means that a percentage of the person’s paycheck will be deducted automatically each pay period and sent to the creditor. There are specific federal and state laws on how much and what kind of debt can be garnished so make sure to check with a Peoria, IL bankruptcy lawyer if you are concerned about your wages being garnished.
Because there are specific rules on who can garnish wages, some creditors who don’t fall into that category may instead try to pursue what is referred to as a writ of attachment. In this case, the debtor is trying to freeze the person’s bank accounts to prevent them from making any withdrawals or transfers. If they are successful, they will then try to seize funds from the account in order to pay the debt the person owes.
In order to obtain a writ of attachment, a creditor has to show certain factors:
- The person who owes the money has plans to hide or has hidden assets in order to get out of paying the debt
- The person has plans to get rid of or already has disposed of assets in order to get out of paying the debt
- The person is planning on taking all of their assets and converting to cash in order to get out of paying the debt
- The person plans on moving out of state where the judgment was issued
- The person is intentionally hiding from creditors in order to avoid paying the debt
If you are being threatened with a writ of attachment or even a judgment, there are steps a Peoria, IL bankruptcy lawyer can take in order to protect any assets you do have. One option may be to file for bankruptcy, however, in order to protect what assets you have from creditors, it is important to take immediate steps and not delay contacting Pioletti, Pioletti & Nichols.
Do’s and Don’ts When Filing Bankruptcy
A bankruptcy lawyer can help guide your through the process of filing. However, as a client, there are also mistakes to avoid and steps you should take to ensure your bankruptcy case is handled appropriately.
Do Keep Track of Your Spending
When you’re going through bankruptcy, it’s important to maintain an accurate log of your spending. This is because your bankruptcy lawyer in Peoria, IL, needs to disclose your expenses in order to file. You may need to explain unexpected spending or significant withdrawals from your bank account, and keeping track of your financial habits can help you answer any questions that arise. In addition, documentation such as receipts, bills and bank statements can be useful if you need to justify any of your expenses.
Don’t Hide Your Financial History
Because of an unfair stigma, you may have feelings of guilt or embarrassment regarding your bankruptcy. However, you should not hide aspects of your financial history from your bankruptcy lawyer in Peoria, IL. Concealing debts, assets, purchases and significant transfers of property can seriously disrupt the filing process. At Pioletti, Pioletti & Nichols, our attorneys have experience in bankruptcy law and are accustomed to working with people with situations similar to your own. Furthermore, lawyers are required to maintain their clients’ confidentiality.
Do Manage Non-Discharchable Debts
Filing bankruptcy allows you to discharge many forms of debt. Nevertheless, there are some debts that you cannot discharge, and you should make a plan to manage them. A bankruptcy lawyer in Peoria, IL, can help you determine which debts are non-discharchable and how to approach them. For example, debts from student loans or unpaid child support must be paid eventually, even if you file for bankruptcy. It’s also crucial that you stay current on your taxes. Tax debts are non-dischargable and you need to provide up-to-date tax filings when you file for bankruptcy.
Don’t Make Big Transfers or Purchases
Avoid making any major financial moves before or during your bankruptcy filing. This includes transfers of property and other assets and major purchases that result in new debts. Failing to do so could complicate and delay the filing process. Some expenses, such as medical bills, may be impossible to avoid. In this case, be sure you discuss your situation with your bankruptcy lawyer in Peoria, IL as soon as possible. The team at Pioletti, Pioletti & Nichols can help you determine a plan to deal with anything that comes up.
Bankruptcy Lawyer Peoria, IL
If you are considering going through the process of bankruptcy then it is in your best interest to contact a bankruptcy lawyer in Peoria, IL. Filing for bankruptcy can be a difficult and often overwhelming process. You’re likely already emotional about having to go through the filing process, and it can easily be daunting when you consider how many steps there are.
That is where your lawyer comes in. Their job is to make sure that this whole process is as smooth as possible for you. This is why you need to have a good lawyer on your team or risk dealing with more headaches.
What to Expect from Your Lawyer
Before you start anything you need to consider finding a lawyer. This process can be daunting all on its own but if you go in knowing what to expect it can make your life easier. Below are the expectations you should have going into this journey.
Not all bankruptcy cases are going to be complicated but that doesn’t mean you should settle for just any lawyer that claims to cover bankruptcy. The lawyer that you decide to go with should have the skill level and experience necessary to handle your case. In general, your lawyer should be able to determine the difficulty of your case once you present to them the facts. From there you should ask if they have ever handled a situation like yours before. A good lawyer is going to be honest with you through this process. If you find them struggling to understand your case then it is best to move on.
Expect Solid Legal Advice
In general, the retainer agreement will outline the services your bankruptcy lawyer will provide. It is their job to also provide you with competent advice through the process of filing. Possibly the most important advice your lawyer can give you is if bankruptcy is in your best interest. If it isn’t then they should be able to help you figure out how to handle your debts in the best way possible. If it is then they will be able to tell you what to expect and if your case has any particular difficulties or risks.
Expect Your Lawyer to File Your Paperwork
There is this lengthy packet of forms that comes with filing for bankruptcy and no one should have to do it alone. Most bankruptcy lawyers have specialized software the prepares and files your required bankruptcy paperwork with the court. You simply provide your lawyer with all the information that is required and they will go over it making sure it is complete and accurate. From there they can send it in and you won’t have to worry about missing a deadline. As missing a deadline can cause delays in the process, a dismissal of your case, or other consequences.
Filing for bankruptcy is a difficult decision and if you have found yourself thinking of it then it is time to contact a bankruptcy lawyer in Peoria, IL to see what they can do for you today.
Bankruptcy Lawyer Peoria, IL
When you’re considering filing for bankruptcy, one of the most important decisions you’ll make is who to hire as your bankruptcy lawyer Peoria, IL. Piloletti Pioletti & Nichols has years of experience helping people in your situation get back on their feet. We understand what you’re going through and will work tirelessly to help you achieve the best possible outcome. Contact us today to schedule a free consultation.
What is bankruptcy?
Bankruptcy is a legal process that allows an individual to discharge certain debts. Bankruptcy can also provide relief from collection proceedings, foreclosure, garnishment of wages, and other burdensome debts. For many people, bankruptcy is the only way out of unmanageable debt. There are two types of personal bankruptcies – Chapter 7 and Chapter 13.
What is a bankruptcy lawyer?
A bankruptcy lawyer Peoria, IL is a professional who helps people file for bankruptcy. Bankruptcy is a legal process that can help people who are dealing with a lot of debt to get relief and start over. A bankruptcy lawyer can help you understand your options and guide you through the process. If you are considering filing for bankruptcy, it is important to speak with a lawyer to find out if it is the right option for you.
What are the benefits of bankruptcy?
If you’re overwhelmed by debt and struggling to make ends meet, it might be time for bankruptcy. Bankruptcy is a legal process where you can discharge your debts and start over with a clean slate. There are many benefits of filing for bankruptcy such as relieving stress from your life so that you can focus on the most important aspects: family and happiness. Bankruptcy will offer relief from collection agencies, lawsuits, and the stigma of being in debt which could help bring color back into your life!
If you’re looking for a bankruptcy lawyer Peoria, IL, it’s important to find an attorney who will represent your best interests. The lawyer needs to be someone that is knowledgeable about the law and can help you navigate through this difficult time of your life.
When you file for bankruptcy, you will need an experienced bankruptcy lawyer in Peoria, Illinois like Piloletti Pioletti & Nichols on your side who can help guide you through this complicated process and make sure that it goes smoothly.
The benefits of bankruptcy include:
- Stopping creditor harassment
- Staying in your home
- Keeping your car
- Discharging certain debts
What should I consider before filing for bankruptcy?
It is important to consider all of your options before filing for bankruptcy. You will have a better idea of what you can do if you know how much debt you owe, what assets and income sources you have, and how long it might take to repay the debts. In addition, there are many factors that may impact your decision, such as the likelihood of being discharged from bankruptcy or how much money will be left over after paying off creditors in bankruptcy. In order to make an informed choice about this serious matter, it’s best to consult with a qualified attorney who understands both sides of the equation-the benefits and drawbacks associated with each type of debt relief process.
An attorney can help you decide which type of bankruptcy will work best for your financial situation. Piloletti Pioletti & Nichols offers free consultations with an experienced Illinois Bankruptcy Lawyer familiar with local laws and procedures. Contact us today!
When you are looking for a bankruptcy lawyer in Peoria, IL, you can turn to the lawyers at Pioletti Pioletti & Nichols. Getting back on your feet when you are struggling financially can be what you need to start your life over. Perhaps you have a family to take care of, are hoping to find a new job, and need to save your home. Bankruptcy can help you do this. Because so much may be riding on a successful bankruptcy, it is important that you speak with a lawyer who specializes in bankruptcy so that you do not make any filing errors.
What is one of the first steps?
When you are just starting out with bankruptcy, you will want to know what kind of bankruptcy to file for. There are two categories you will likely be working with:
- Chapter 7 bankruptcy
- Chapter 13 bankruptcy
While there are other chapters, these two are most common and are likely to help you when you need to get rid of debt. With Chapter 7 bankruptcy, you have a better opportunity to wipe your slate clean. It is quick and efficient and you will not be paying money to your creditors. That said, if you have lots of extravagant items and are not willing to part with them, Chapter 7 bankruptcy may be particularly difficult.
On the other hand, you may want to speak with your Peoria, Illinois bankruptcy lawyer to see if Chapter 13 bankruptcy is the better option for you. Instead of selling your assets to pay off your creditors, you and your bankruptcy lawyer can develop a plan for repaying your creditors. This repayment period will usually be between 3 and 5 years and you can keep your property. You can even keep your home if it is facing foreclosure. While you will typically have high monthly payment plans, this option may be right for you. Do not hesitate to speak with our bankruptcy lawyer to see which plan suits your needs best.
What does it mean if a property is exempt?
When you hear that your property is exempt, it means that it is protected. So, if you are filing for Chapter 7 bankruptcy and have an exempt property, you can keep it. If your property is not exempt, you can expect to lose it during the Chapter 7 bankruptcy process.
See How We Can Help Today
If you are concerned about bankruptcy and are not sure about where to start this process, do not wait any longer. Reach out to our trusted Peoria, Illinois bankruptcy lawyer at your earliest convenience.