Danville Bankruptcy Lawyer
Bankruptcy Lawyer Danville, IL
A Danville, IL bankruptcy lawyer understands how debts can quickly become overwhelming, and you may be in need of serious financial assistance. In today’s society, there are so many costly expenses for living and sometimes we may not be able to keep up. Perhaps you incurred debts due to pursuing higher education, buying a home, or medical bills from an injury or illness. Whatever the case may be, rest assured that having a lawyer on your side to provide advice and instruction on what steps to take next can make all the difference in your future. Please do not hesitate to contact us at Pioletti Pioletti & Nichols to learn more about your eligibility for bankruptcy.
The Bankruptcy Chapters
To know whether you could benefit from filing for bankruptcy, you will first have to identify which bankruptcy chapter is right for you. But don’t worry, as when you consult with a member of our team we can inform you as to which chapter applies to your situation and can yield the most benefits. Depending on your circumstances, there are specific chapters that may help you eradicate a portion or all of your debts. Some chapters are created so that you can liquidate your assets in order to amend debts, but other chapters offer a repayment plan that allows you to keep your belongings. Since there is more than one option, you will have to decide which path you are most comfortable with. There are six bankruptcy chapters in total for you to choose from, including:
- Chapter 9 bankruptcy: mainly for municipalities
- Chapter 7 bankruptcy: asset liquidation
- Chapter 11 bankruptcy: reorganization of debts
- Chapter 13 bankruptcy: debt adjustment for individuals
- Chapter 12 bankruptcy: designed for farmer or family fishermen
- Chapter 15 bankruptcy: debt cases that include more than one country
Before you pursue bankruptcy, it is essential that you are privy to the pros and cons of a bankruptcy status. You are likely to have an impact on your credit score and report, however, when done strategically, bankruptcy can ultimately turn your financial situation around so it is more manageable. When debts become all-encompassing, it’s time to consider the financial tools and resources that are available to you. A Danville bankruptcy lawyer has all the insight you need to figure out if bankruptcy is the right path and which chapter is best suited for you.
At Pioletti Pioletti & Nichols, we know that many people have a hard time with their finances. Bankruptcy can be a great resource for overcoming severe financial debts that just never seem to go away. Maybe you have lost a job recently or endured another setback that has caused you to have less money. It can then be difficult to pay off debts. If you have so much debt that you just don’t know what to do with it, give a Danville bankruptcy lawyer a call. Once we learn more about what you are going through, we can advise further. We hope to hear from you today.