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Benefits of Filing for Bankruptcy

Published on April 8th, 2022

If you want to file for bankruptcy, you may want to talk to a bankruptcy lawyer in Peoria, IL from Pioletti Pioletti & Nichols. Bankruptcy can be a complicated process, and you don’t want to risk making mistakes. A lawyer can guide you through the entire process and answer all of your questions.

Benefits of Filing for Bankruptcy

When many people think about bankruptcy, they imagine the negative aspects, such as how it lowers your credit rating. However, it is important to understand all the benefits that bankruptcy can provide, including:

  • Clearing your debt. If you are thousands of dollars in debt, you may feel very stressed. You are not sure when you will be able to pay off all this debt and it is keeping you up at night. Since you have all of this debt, you may not be able to put any savings away. If you file for Chapter 7 bankruptcy, most of your unsecured debts will be wiped out. If you file for Chapter 13 bankruptcy, you will be entered into a manageable repayment plan. Once your debt is gone, you can have a financial fresh start.
  • Preventing wage garnishment and other collection efforts. If you are very behind on your bills, your creditors may attempt to garnish your wages, repossess your vehicle or shut off your utilities. This can all put immense stress in your life. By declaring bankruptcy, you can stop all of these collection efforts.
  • Stopping creditor harassment. Once you file bankruptcy with a bankruptcy lawyer in Peoria, IL, an automatic stay will be issued. This will keep creditors from contacting you multiple times a day about your debt.
  • Improve credit. It is true that your credit rating will initially take a hit after filing for bankruptcy. However, this is only temporary. You can start rebuilding your credit rating right away. Before you know it, your credit score will go up and you will be eligible for loans again.

Consulting to a Bankruptcy Lawyer

If you are considering declaring bankruptcy, it is important to discuss your case with a bankruptcy lawyer in Peoria, IL promptly. A lawyer will assess your unique situation and determine if you are a good candidate for bankruptcy or not. He or she may also help you determine if Chapter 7 or Chapter 13 is the best option.

Schedule a consultation with a bankruptcy lawyer in Peoria, IL today.

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