Liquidation Lawyer Champaign, IL
Liquidation Lawyer Champaign, IL
Individuals who are struggling with debt and other obligations can depend on a liquidation lawyer Champaign, IL residents trust to take care of their needs. If you are burdened with a vast amount of debt, it may be worth exploring your debt relief options with a lawyer who assists and helps clients with the bankruptcy process. It is always recommended that you first consult with a lawyer as a starting point so you can get an idea of what your legal options are. Proceeding with any form of debt relief without sufficient legal counsel may add to your debt or further complicate your situation. You can learn more by setting up an appointment with a top lawyer like one from Pioletti Pioletti & Nichols.
Liquidation Lawyer in Champaign, IL
Many people are hesitant to hire a lawyer because they aren’t sure if they can afford the added cost. However, having a lawyer by your side can save you a lot of time, energy, and money in the long run. They are there to support you as you navigate the legal process, and can keep you informed about any potential risks, errors, or changes that occur in your case. Established in 1938, the law firm of Pioletti Pioletti & Nichols has helped many clients across multiple practice areas for decades. Bankruptcy law is one of their specialties, and through their skills and experience, they have helped clients make the smartest decisions regarding debt relief and management.
What is Liquidation Bankruptcy?
Liquidation is the process of ending a business and starting the distribution of assets to claimants. Liquidation bankruptcy is also known as Chapter 7, one of the most common forms of bankruptcy that people file for. In liquidation bankruptcy individuals can have most types of unsecured debt discharged, such as medical bills, credit card debt, utility bills, and others. As a bankruptcy lawyer in Champaign, Illinois can tell you, however, if a person applies for Chapter 7 bankruptcy, in exchange for the discharge a trustee who is assigned to their case has the power to sell their property.
Common Misconceptions About Bankruptcy
Understandably, there are many concerns surrounding bankruptcy, but there are also several misconceptions. Though there are serious consequences that should be considered, bankruptcy offers individuals key benefits as well. Here are some of the following misconceptions regarding bankruptcy:
- Only irresponsible people apply for bankruptcy. A number of things can lead a person to file for bankruptcy, but it is not a reflection of their personal failure. Erratic changes in the market, sudden illness, or job loss can cause someone to declare bankruptcy as a last resort.
- Bankruptcy wipes out all debt. Individuals who file for Chapter 7 bankruptcy can have the most unsecured debt to get discharged, but it doesn’t include things such as student loans or debts from personal injury cases.
- Your credit score is ruined after bankruptcy. Your credit score might suffer immediately after filing, but it does recover over time if you make responsible financial decisions such as making on-time payments.
Legal Assistance is Available
Schedule a free consultation so you can receive the urgent help that you need to overcome your debt issues and gain financial freedom. Contact Pioletti Pioletti & Nichols today.