Bankruptcy Lawyer Springfield IL
At Pioletti Pioletti & Nichols, a bankruptcy lawyer Springfield IL residents depend on can give you advice as to whether filing for bankruptcy is in your best interest. When people hit a severe financial hardship, they may wonder whether filing for bankruptcy is their last and only option. The year 2020 has been particularly tough for most, and has led people to thinking about bankruptcy as a potential solution for their financial struggles. If you are considering filing for bankruptcy, we strongly urge you to speak with a reputable lawyer, such as one from our law firm, as soon as possible. The entire process can be complicated and confusing, so having a lawyer to work alongside you can esure that everything goes smoothly.
When clients meet with us, they often have the same common questions, which have been briefly answered below. For more information, contact Pioletti Pioletti and Nichols today.
Will declaring bankruptcy make my credit worse?
Yes, bankruptcy does affect a person’s credit score, however, these impacts won’t last forever. Depending on your circumstances, it may be strategic to take a hit to your credit score in order to get on the path to more secure financial footing in the future. Chapter 7 and Chapter 13 bankruptcies remain on a person’s credit report for 7-10 years. But, there is no reason to think that you cannot have strong credit after bankruptcy is over. While interest rates may be higher, it is possible to end up with better credit than when you first filed for bankruptcy.
Will I be debt-free if I file for bankruptcy?
Many people have the misconception that filing for bankruptcy means all of your debts will immediately be erased and you will start fresh with a clean state. For most people, this just isn’t the case as bankruptcy filings are more complex than that. Only certain kinds of unsecured debts are to be discharged under bankruptcy, such as credit card debt, unsecured loans, and medical bills. Debts that won’t be elimimated through bankruptcy include child support, many student loans, alimony, and taxes. If you want to know whether bankruptcy is right for you, an Illinois bankruptcy lawyer in Springfield can provide you with a consultation.
Will I need to appear in court for the bankruptcy?
Those who are filing for bankruptcy will probably have to attend a meeting with their creditors around a month after filing the intitial petition paperwork. A trustee appointed by the court will interview the debtor to ensure that information on the bankruptcy petition and schedules are correct. But rest assured that your lawyer can guide you every step of the way, even when things feel overwhelming. It is our job to support you and provide legal information as your bankruptcy filing proceeds.
Call Pioletti Pioletti & Nichols today to schedule a consultation with a bankruptcy lawyer in Springfield, Illinois at your next earliest convenience.