If you are considering whether filing for bankruptcy is the appropriate step, it will be important that you first seek consultation from both a financial advisor and a bankruptcy lawyer in Peoria, IL. Bankruptcy doesn’t usually happen suddenly, for many, the process happens slowly- and people quickly find themselves in over their heads. However, sometimes, it’s possible to experience bankruptcy should you have sudden expenses that you weren’t anticipated. FInancial strife can be deeply unsettling. Incessant phone calls from creditors attempting to collect debts and being unable to pay monthly expenses can be exhausting. Should you recognize the signs of bankruptcy and realize that taking this next step is in your best interest, it’s best to consider the services of Pioletti, Pioletti & Nichols for guidance. The process can be complicated and there are many necessary steps, which is why it’s important to not only know what steps to take but also the options for moving forward.
Signs to File for Bankruptcy
It’s natural for someone to feel in over their head when they are experiencing financial issues. However, be aware that many may believe that they will have the ability to dig themselves out. While this may be the case, be aware that sometimes despite your best efforts it may be challenging to dig yourself out of the overwhelming debt you are experiencing. The following, are some signs that bankruptcy may be the most appropriate options:
- Your income is impacted due to job loss or injury
- You are only able to make minimum payments on your cards
- You are experiencing calls from creditors
- You are in danger of home foreclosure or property loss
- You are using credit cards to cover daily expenses
When a person sets out in life, they likely weren’t considering the harsh reality of bankruptcy. However, know that this may be the most appropriate decision if you are unable to make ends meet as a result of consuming debts. A bankruptcy lawyer in Peoria, Illinois can assist you in properly weighing the options available.
Steps to Take
Taking steps towards understanding the options before you can be challenging. Most people don’t want to file for bankruptcy. Not only are there consequences, it can also be disheartening. However, when you take action, it’s possible to experience the fresh start that is often promised when filing for Chapter 7. The following, are steps to follow should you be in the process of considering bankruptcy as an option:
- Contact a lawyer for guidance
- Seek debt consolidation services
- Determining the appropriate form of bankruptcy filing
- Engage in debtor education courses
- File your bankruptcy with the court
- Repay some debts to creditors
- Endure a meeting of the creditors
- Debts are discharged
Be aware that there are variations to the bankruptcy process depending upon the type of bankruptcy chosen. Depending upon the process you may be able to retain some of your assets, even your home. Be aware that despite this option, to truly strategize it will be necessary to first speak with a lawyer for help.
Why a Lawyer?
Taking steps towards bankruptcy is incredibly challenging. Making the right decision and managing paperwork can be deeply complex. Moving forward with the assistance of a lawyer is essential when ensuring the right decision has been made. A lawyer will be able to help understand your specific circumstances surrounding the situation and assist with making decisions. Bankruptcy is a terrifying process especially considering that there is so much riding on the outcome. For most, you will be looking to determine how to move forward and whether you will be able to retain your home or some of your property. Pioletti, Pioletti, & Nichols brings both experience and support when it’s needed the most. Learn more with our Peoria, IL bankruptcy lawyer as soon as possible.