Peoria Chapter 7 Bankruptcy Lawyer
Chapter 7 Bankruptcy Lawyer Peoria, IL
When a mountain of debt becomes overwhelming, you can rely on a Chapter 7 bankruptcy lawyer in Peoria, IL to come to your aid. A divorce, illness, accident, or other events can lead to substantial debt and you may be hoping for a financial restart. Depending on your circumstances, you could be eligible to benefit from filing for Chapter 7 bankruptcy, or another chapter that suits your needs. At Pioletti Pioletti & Nichols, we empathize with how greatly having debts can impact your health, perspective, and confidence. Despite bankruptcy being viewed in a negative way, it can ultimately be what allows someone to achieve more secure financial footing. If you have questions or concerns about debts or bankruptcy, don’t hesitate to call.
About Chapter 7 Bankruptcy
The most frequently utilized type of bankruptcy is Chapter 7. After filing, it takes around 120-180 days to finalize. This chapter allows debtors to pay off their debts by liquidating assets. Other bankruptcy chapters may require a debtor to establish a repayment plan to amend their debts within a 3-5 year period. Some people prefer the idea of using their belongings to get rid of debts instead of having to fulfill a repayment plan over the course of time. To know which bankruptcy chapter is best for you, we suggest contacting a Peoria Chapter 7 bankruptcy lawyer and discussing your situation in further detail. There are six bankruptcy chapters to choose from, and we can make sure you file for the correct one.
How Bankruptcy Can Help
The bankruptcy court is responsible for overseeing the process of bankruptcy. The court enables debtors to cancel debts that would have otherwise been difficult or impossible to pay back. Bankruptcy discharge is the act of eliminating debts, giving a debtor the chance to start over. There are many advantages of declaring bankruptcy, such as not being subjected to lawsuits from creditors, debt collectors being legally unable to contact you, foreclosure may be stopped, wage garnishments could end immediately, evictions could be halted, and more. After filing for bankruptcy an automatic stay gets enforced, meaning that debt collectors can no longer contact you about outstanding debts. This is often a relief for debtors who are constantly pestered with phone calls from creditors demanding payments. Being contacted by relentless creditors can be triggering for those who are just doing their best. If you are struggling, please give our team a call.
Schedule a Consultation
As much as you want to find relief through reading information online about bankruptcy, the next step is to speak with a legal team that is knowledgeable on bankruptcy law. No person’s financial situation is the same, so the advice on what to do next will vary. If you have questions about bankruptcy, we are glad to schedule a consultation with you to answer your questions. The team at Pioletti Pioletti & Nichols is dedicated to alleviating financial stress for clients so that they can feel more confident going into the future. Don’t hesitate to book a consultation today.