Chapter 7 Bankruptcy Attorney Bloomington IL
As a Chapter 7 Bankruptcy Attorney in Bloomington, IL at Pioletti Pioletti & Nichols is aware, debt is a growing problem for millions of people across the country. Credit is easy to come by, and using it allows people to do things like purchase cars, houses, boats, and clothes. When it is used correctly, credit can help get something you need quicker than you can save up for it. However, it also becomes a crutch for things you want by giving you almost instant access to gratification.
With all this debt comes the stark reality that there is not a way to pay it back. If you don’t make enough to make a dent, and the late fees and interest payments do not cover the balance, you may start exploring your other options. For some, this may mean a loan from a family member or a second job. For others, this may mean looking at bankruptcy as an option. When you decide that your debt is too much for you to pay, Chapter 7 bankruptcy may be one option to explore.
You may believe you understand how bankruptcy works, but there is a lot of misinformation circulating. There are several different types of bankruptcy. Chapter 11 is usually filed by companies that need help restructuring debt. Chapter 13 is filed by individuals when they want to establish a payment plan to pay back some or all of their creditors. Chapter 7 bankruptcy is filed by individuals who want to wipe their debt clean.
Chapter 7 Bankruptcy Pros
A Chapter 7 Bankruptcy Attorney in IL can talk with you about how each type of filing has its pros and cons. You need to decide what will work for your situation. When exploring Chapter 7, the overwhelming positive is that it gets rid of the debt. This means at the end of the process, your debts will be discharged by a judge making collectors unable to continue pursuit of your money. In one respect, it allows you to start over as if you never had credit in the first place.
The Cons of Chapter 7
There is no magic wand that removes your debt. It is work, patience, and sacrifice. You may have to do one or all of the following:
- Liquidate certain assets
- Give up items like automobiles and homes
- Still pay back student loans
While none of these sounds appealing, there is a price for wiping out debt. In some states, you may be able to keep your car and your home, even while filing under Chapter 7. Most of your debt gets wiped out with Chapter 7, which means that you will not have access to credit for a few years.
Now is the Time to Get Legal Help
Have you lost your job or experienced a medical emergency that cut off your income? Did you just go through a terrible divorce that cost you thousands of dollars in costs and attorney’s fees? Have you lost your spouse recently and cannot pay your bills on one income?
Maybe you just mismanaged your finances and now you cannot afford to pay your bills and your living expenses. Regardless of the reason why you are having debt problems, bankruptcy relief can help you get a fresh start so that you can recover and rebuild your financial well-being.
A Bloomington, IL Chapter 7 Bankruptcy Attorney of Pioletti Pioletti & Nichols can help people who are suffering with debts they cannot pay find a solution to their debt problems. Call 309-938-4838 to schedule a free bankruptcy consultation with one of our attorneys. We will answer your bankruptcy questions and explain your options to get out of debt. You are under no obligation and it costs you nothing to get this important financial advice.
Chapter 7 Bankruptcy Stops Creditor Harassment and Eliminates Debt
Are debt collectors calling your home and your work at all hours of the day? Do you get collection letters and threats of lawsuits in the mail each week? If so, filing a Chapter 7 bankruptcy will give you relief from your debt problems. Filing a Chapter 7 bankruptcy immediately stops creditors from harassing or threatening you. It also prevents creditors from taking legal action to collect debts, enforce judgments or levy wage garnishments. A Chapter 7 bankruptcy wipes out your legal obligation to repay most, if not all, of your debts.
An IL Chapter 7 Bankruptcy Attorney can discuss bankruptcy and non-bankruptcy options with you to determine what course of action is in your best interest. A key factor to consider is that non-bankruptcy repayment plans through credit counseling are not binding on you creditors. Your creditors must voluntarily agree to accept the repayment terms through a debt consolidation problem.
Filing a Chapter 7 bankruptcy forces creditors to discharge your debts regardless of whether the creditor agrees or not. Creditors must adhere to the bankruptcy laws or face penalties by the bankruptcy court. If you are being harassed by creditors, call 309-938-4838 now for a free bankruptcy consultation!
Chapter 7 Liquidation
You may have heard horror stories about Chapter 7 because it is known as the “liquidation” bankruptcy. There is much misinformation about Chapter 7 bankruptcy. Some believe that by filing bankruptcy they will lose all of their property and never qualify for credit again. This is simply not the case. Most Chapter 7 bankruptcies filed in Illinois are “no asset” cases. A no asset Chapter 7 means that the debtor keeps all of his or her property while eliminating most, if not all, debt.
While filing a Chapter 7 bankruptcy will cause an initial drop in your credit score, this is not permanent and there are many things you can do to improve your credit rating after bankruptcy. To learn the truth about filing Chapter 7 bankruptcy and to learn how a bankruptcy can help you resolve debt problems, schedule a bankruptcy consultation with an Illinois Chapter 7 Bankruptcy Attorney.
Do You Need Bankruptcy Help?
If you are searching for an attorney in central Illinois, Pioletti Pioletti & Nichols can help you. We assist people throughout McLean, Woodford, Tazewell and Peoria counties find the debt relief they need through Chapter 7 bankruptcy. We provide our clients with the personalized and individual attention and representation that you cannot find in a “bankruptcy mill.”
Our goal is to help you find a solution to your debt problems and give you the support and guidance you need as you recover from a financial crisis. We offer reasonable fees and payment plans so that you can have access to highly-skilled and experienced bankruptcy attorneys.
Our attorneys are here to help you. We do not want you to suffer another day with overwhelming debts, anxiety and frustration. We want to help you as you begin the road to financial recovery. Call our office today at 309-938-4838 to schedule your free bankruptcy consultation with a Chapter 7 Bankruptcy Attorney in Bloomington, Illinois at Pioletti Pioletti & Nichols.