Manage Your Debt with Bankruptcy Lawyers for Bloomington IL
Life can hit us in unexpected ways. Sometimes a severe accident puts us out of work. Or a once credible investment falls through. With unfortunate scenarios like these, debt can begin to pile up. And sometimes, the only way out of debt is to file for bankruptcy. However, you should only take this step with the guidance of a trained professional. Let Stephens Fiddes McGill & Associates, P.C. provide you with the right bankruptcy lawyers for Bloomington IL.
Understanding Different Types of Bankruptcy
While there are numerous bankruptcy chapters you can file for, each one becomes more specific depending on your financial standing. However, there are three primary bankruptcy filings you’re the most likely to take advantage of:
- Chapter 7: A Chapter 7 bankruptcy filing is the most standard way to forgive most of your debt. This method allows the debtor to discharge or liquidate most debt through the repossession and sale of specific assets. Whatever proceeds are made from liquidation go directly to the creditors a debtor owes.
- Chapter 13: With Chapter 13 bankruptcy, a debtor is given a chance to pay off their debts in a more manageable timeframe. You don’t have to liquidate property or assets, but you must adhere to a payment plan to repay creditors for all or part of your debt. Chapter 13 is best for individuals who still have a steady income.
- Chapter 11: A Chapter 11 bankruptcy filing is the most removed from the previously mentioned filings. This option for bankruptcy is for business owners to utilize. It allows a company to restructure its finances, continue operating and payback creditors on an agreed-to timeframe.
How We Can Help
As experienced bankruptcy lawyers for Bloomington IL, Stephens Fiddes McGill & Associates can help you choose the best bankruptcy filing based on your financial situation. Additionally, we can guide you on alternative ways to manage your finances that don’t immzc diately result in bankruptcy. Our goal is to get you on the best path to financial recovery, whether that means filing for bankruptcy or better managing your expenses.
Contact Us Today
Allow our bankruptcy lawyers for Bloomington IL to help get you out of a stressful and challenging financial situation. Give the team at Stephens Fiddes McGill & Associates, P.C. a call today. You can contact us at 309-637-5297 to request a free case evaluation. Also, we are located at 456 Fulton St, Ste 222, Peoria, IL 61602.