Bankruptcy Lawyer Bloomington IL
For a free bankruptcy consultation call 309-467-3213
If you are struggling with unmanageable debt, bankruptcy could provide the debt relief you need. While bankruptcy is not right for everyone, it has helped millions of Americans find hope for a better future. Our bankruptcy lawyers serve people across central Illinois including Bloomington, Peoria, Washington, and Pekin.
For a free initial consultation with a Bankruptcy lawyer in Bloomington IL call us at 309-467-3213 or email us at email@example.com.
There are two basic types of bankruptcies, chapter 7 and chapter 13. A chapter 7 is the classic bankruptcy that most people think of where your debts are discharged and you are left with a clean slate. A chapter 13 is a debt repayment plan where your debts are reorganized into one monthly payment.
We can help you determine which type of bankruptcy is more appropriate for your situation.
CHAPTER 7 – A CLEAN SLATE WITH DEBT ELIMINATION
Filing for any type of bankruptcy, including Chapter 7 bankruptcy, will immediately stop all collection actions by creditors including garnishments, repossessions, letters and phone calls. This is what is known as the automatic stay. A Chapter 7 is the most common form of bankruptcy and is designed to get people out from under an overwhelming load of debt. It is the quickest form of bankruptcy and will eliminate: credit cards, personal loans, repossessions, judgments, law suits, medical bills, utility bills, payday loans, wage deductions, and garnishments. As soon as you file, all the collection letters and calls end immediately.
In almost all cases people who file Chapter 7 get to keep all their property. This is due to the many Illinois exemptions that are available including:
- $15,000 Homestead Exemption – $30,000 for a married couple
- 100% exemption for all retirement accounts including 401k, IRA, and pension
- $2,400 toward the equity in a vehicle – $4,800 for a married couple
- $1,500 in tools and equipment used for work
- Up to $4,000 in other personal property – $8,000 for a married couple
CHAPTER 13 – DEBT REPAYMENT AND REORGANIZATION
Chapter 13 bankruptcy involves the consolidation and reorganization of all your debts into one monthly payments. Chapter 13 can be used to avoid foreclosure or the repossession of a vehicle. For people whose income is too high to qualify for a Chapter 7 bankruptcy, a Chapter 13 bankruptcy will still eliminate most all of your unsecured debt or reduce your overall debt load significantly. If you are facing a mortgage foreclosure, repossession, high interest credit cards, payday loans, or wage deductions, a Chapter 13 bankruptcy can help you.
WE PROVIDE COMPREHENSIVE LEGAL COUNSEL IN ALL BANKRUPTCY AREAS
CALL US TODAY FOR A FREE CONSULTATION
We have helped hundreds of people obtain financial relief through bankruptcy. We make ourselves accessible to our clients nearly 24/7 via email, phone, and even text message communication. We strive to be there for our clients and ensure that they receive the best and most professional representation possible. Call the experienced bankruptcy attorneys in Bloomington IL at Pioletti Pioletti & Nichols today by calling 309-467-3213 or email us at firstname.lastname@example.org.
“Mike did an excellent job helping me work through an expungement hearing. Very professional, well prepared, and treated me like family. Would highly recommend.”