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Bankruptcy Lawyer Springfield IL

Bankruptcy Lawyer Springfield IL

Bankruptcy Lawyer Springfield ILIf you live in Illinois and are considering filing for bankruptcy, there are certain things that you should not do because these actions could complicate your filing and result in having it dismissed entirely by the court. The following is a brief overview of this information, however, for specific details and assistance for your particular situation, contact Pioletti, Pioletti & Nichols to speak with a bankruptcy lawyer Springfield IL clients recommend.

Bankruptcy Filing

There are two types of personal bankruptcies that an individual can file. Chapter 7 bankruptcy discharges the majority of a person’s debt and leaves them with a clean slate that allows them to rebuild their credit and financial situation. Chapter 13 bankruptcy reorganizes the person’s debt. The individual, with the assistance of their attorney, works with creditors to come up with a repayment plan that will work with the filer’s financial situation. Your attorney will help you decide which type of bankruptcy is the best option for you.

Hiding Assets

The first thing a person who files for bankruptcy should never do is to lie to their Springfield IL bankruptcy lawyer. Never hide assets from your attorney. Not only could lying or hiding assets jeopardize your case and have the courts reject it, but these acts are also against the law and could result in criminal charges for bankruptcy fraud.

Shopping Sprees

As explained above, in a Chapter 7 bankruptcy, most – possibly all – of the filer’s debt will be discharged. Sometimes, a person who knows they are going to be filing will go on a shopping spree, maxing out any credit cards they have, with the intent that they will not have to pay this debt because it will be discharged in their bankruptcy. However, the courts do not approve of any new debt incurred within three months of filing for the bankruptcy and will likely not include that debt in the bankruptcy.

Giving Assets Away

Another thing to avoid is giving money or other valuable property to family or friends before filing for bankruptcy. The courts consider this akin to lying about assets and could also result in the bankruptcy case being thrown out, as well as criminal charges for bankruptcy fraud.

Filing Without an Attorney

If you are having a hard time financially, filing for bankruptcy may be the right option for you. While you may be considering filing without the assistance of an attorney, this too is a step you should avoid. The bankruptcy process is a complicated one and requires the filing of a multitude of paperwork. Any kind of error or omission can result in the dismissal of the bankruptcy by the court.

For more information, contact Pioletti, Pioletti & Nichols to speak with a Springfield IL bankruptcy lawyer to find out what legal options you may have for your situation.

 

 

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