Chapter 7 Bankruptcy Lawyer Effingham, IL
A Chapter 7 bankruptcy lawyer Effingham, IL relies on from Pioletti Pioletti & Nichols knows that it can be complicated to file for bankruptcy and feel like you are starting from scratch. You will have credit to rebuild, low credit card limits, and you may need to start putting money into savings with nothing in your account. We commend you for taking such a huge step and understand that this is one of the most difficult things you will do. However, if you follow a bankruptcy program and get through it successfully, you will find yourself on the other side with little to no debt. Want to get the fresh start you need? Speak with an attorney from our office now.
What happens when I file for Chapter 7 bankruptcy?
Filing for Chapter 7 bankruptcy does not have to be difficult when you have the help of an attorney. The first step after you have filed for Chapter 7 bankruptcy is for a court-appointed trustee to take designated property away. This is property a court has deemed as non-exempt property and they will sell it at an auction so that they can get the proceeds and begin paying off your debts. The trustee will work hard to sell your items for as high as possible so that they can pay off as much debt as possible.
What kinds of creditors are there?
Our Effingham, Illinois Chapter 7 bankruptcy lawyer knows that depending on your debts, you will usually be faced with three types of creditors to pay off:
- Priority unsecured
- General unsecured
If you have a house and a mortgage, you will be dealing with a secured creditor. This means if you are not making your monthly mortgage payments, the bank who gave you the house loan has the right to take that house away. Once the trustee has paid the secured creditors, they will begin paying back the priority unsecured creditors. This could come in the form of child support or alimony. Finally, the rest of the money will go to the general unsecured creditors for debts like utility bills or credit cards.
Call Us Now!
When you are facing the hard decision of filing for Chapter 7 bankruptcy or going into more debt, don’t hesitate to call our office. We know that this is an incredibly difficult time for you and your family. Speak with a trusted Chapter 7 bankruptcy lawyer in Effingham, Illinois now.