Understanding Bankruptcy Law for Peoria IL
To many, bankruptcy can be a scary process to talk about. However, there’s a lot of stigma around bankruptcy that often drives folks away from considering it a solution to debt problems. While the attorneys at Stephens Fiddes McGill & Associates, P.C. always work to find you the next best solution, we also understand bankruptcy law in Peoria IL and how you can use it to your benefit. Allow our attorneys to explain your options when looking to climb out of debt.
The What, Why and How of Bankruptcy
What is bankruptcy? How can it help you out of debt, and what are your options? Allow our law firm to provide a few simple explanations:
- What’s Bankruptcy?
- Enacted by Congress in 1978, with several amendments in the years following, bankruptcy is the legal proceeding in which a business or person who’s unable to pay their debts can file for financial relief. This financial relief is offered in several ways, including debt disbursement, a restructuring of payments, a dissolution of assets, and more.
- Why Do People Choose Bankruptcy?
- Bankruptcy is a choice for those who cannot find a way out of debt. For businesses, this debt might be due to a bad investment or unforeseen circumstances requiring a shutdown. For individuals, debt can come from unexpected medical bills, employment loss, or mismanagement of finances. Overall, if you find yourself deep in debt with no clear path out, bankruptcy might be your best option.
- How Do You File for Bankruptcy?
- Before you decide to file for bankruptcy, it’s a good idea to talk with an attorney. We understand how bankruptcy law for Peoria IL works and can provide advice and guidance on whether it is right for you. However, if bankruptcy is your last option, we might recommend filing for Chapter 7 or Chapter 13 based on your current financial situation (for businesses, Chapter 11).
The Legal Guidance You Need
Stephens Fiddes McGill & Associates can detail how each type of bankruptcy filing works either through consultation or viewing further info on our website. However, if bankruptcy isn’t a concern of yours, our team handles various other legal matters throughout Central Illinois. For example, our practice areas include:
- Personal Injury
- Workers’ Comp
- Traffic Law
- Real Estate Law
- Social Security Disability
- Probate Law
- Family Law
- Criminal Law
Call Our Office
Don’t be afraid to consider bankruptcy. Just be sure you have an experienced team of attorneys when questions about bankruptcy law for Peoria IL arise. Call Stephens Fiddes McGill & Associates, P.C. today at 309-637-5297 for a free case evaluation. Also, our office is located at 456 Fulton St, Ste 222, Peoria, IL 61602.