Chapter 13 Bankruptcy Attorney in Bloomington, IL
If you are you in debt and are unable to get out of it, then we suggest meeting with a Chapter 13 Bankruptcy Attorney in Bloomington, IL at Pioletti Pioletti & Nichols right away. Do you feel as if your financial burdens are leading to an overwhelming amount of stress and anxiety? Perhaps you are finding it difficult to concentrate on important things like your relationship, family, or job? If you can relate, it might be a good idea to discuss filing for bankruptcy with a member of our legal team.
The word ‘bankruptcy’ is often frightening for people; however, it’s actually not as bad as it may sound. We have found that bankruptcy has brought immense relief for individuals and businesses. To learn more about filing for bankruptcy, call Pioletti Pioletti & Nichols today.
How a Bankruptcy Lawyer Can Help Individuals
If you are an individual seeking to file bankruptcy, there are a few options available. An IL Chapter 13 Bankruptcy Attorney in Bloomington may recommend filing for either Chapter 7, Chapter 13, or another chapter depending on your circumstances:
- Chapter 7: This the most popular form of bankruptcy filed by individuals. It will require you to gather, value, and liquidate any non-exempt assets. The goal is to repay as much debt as possible, and in return, the bankruptcy court will forgive you of the remaining debt.
- Chapter 11: If you don’t file for Ch. 7 or Ch. 13, a lawyer might recommend filing for Chapter 11 bankruptcy. This is the most complex type of bankruptcy, but offers a broad range of flexibility.
- Chapter 12: This bankruptcy option is generally only available for farmers, fishing workers, and a few other select professions. It enables you to create a repayment plan that will ask you to pay some or all of your debt within a period of time.
- Chapter 13: Chapter 13 will allow you to resolve serious debt without having to liquidate your assets. This form of bankruptcy generally does not affect your credit score as seriously based upon the fact that you will have to pay some of your debt through a special repayment plan.
Alternative Options Bankruptcy
When you meet with a Chapter 13 Bankruptcy Attorney in Bloomington, your financial records and debts will be reviewed. It is certainly possible that we may advise against filing for bankruptcy. In this case, alternatives may be recommended, such as:
- Loan Consolidation: It may be possible to qualify for a loan from a bank. If so, you would pay off your debt, and then make direct payments to the bank.
- Negotiate Your Debt: Some creditors are willing to negotiate the terms of the debt. They may offer this to you if they believe it is the only way to receive some of the payment, versus nothing at all.
- Adjustment of a Loan: If you are concerned about the possibility of losing your car, home, property, or other assets, a bankruptcy lawyer may be able to talk with the bank or financial institution about readjusting the payments so they are more practical for your situation.
What Is Chapter 13 Bankruptcy And Is It Right For Me?
Chapter 13 bankruptcy has helped millions of Illinois homeowners escape foreclosure and gain financial security. Everyone’s situation is a little different, and whether Chapter 13 is the best fit for you depends on several factors. It is best to consult a Bloomington, IL Chapter 13 Bankruptcy Attorney to talk about your options. But, Chapter 13 bankruptcy is usually a good fit for the following:
- Those earning a regular income
- Homeowners who are facing foreclosure
- Those unwilling to lose certain assets such as a car, boat, or real estate
A Chapter 13 bankruptcy will help you re-organize your bills into 1 monthly payment. It will also stop foreclosures, repossessions, and garnishments immediately. Depending on the results of the bankruptcy means test, you will either have a 3 or 5 year repayment plan. While your debt won’t completely disappear, both the principal and interest that you owe will likely be substantially reduced. In order to maintain the protection for your home and other assets you will be required to make the monthly payments for the life of the plan. Accordingly, Chapter 7 might be a better fit for those who lack a steady source of income.
Talk With An Experienced Illinois Bankruptcy Attorney About Chapter 13
If you would like to find out more about whether Chapter 13 or Chapter 7 is right for you, call an experienced Illinois Chapter 13 Bankruptcy Attorney at Pioletti Pioletti & Nichols for a free, no-obligation consultation — call us today at (309) 467-3213 or send us a message online.