Bankruptcy Lawyer Peoria, IL
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.