Is Chapter 13 Bankruptcy in Peoria IL the Right Choice?
When facing a mountain of debt, it can seem an impossible task to overcome. And to make matters worse, medical bills or unemployment can contribute to debt out of your immediate control. However, there’s still hope for overcoming such challenges. If you’ve exhausted all other finance management options, bankruptcy can be the solution. More specifically, Chapter 13 bankruptcy for Peoria IL might provide the right strategy for you to get out of debt. And with the team at Stephens Fiddes McGill & Associates, P.C., we can get you started in the right direction.
What’s Chapter 13?
There are quite a few bankruptcy filings when it comes to bankruptcy law. However, Chapter 13 is one of the more commonly used filings. Based on your financial situation and acquired debt, allow our attorneys to explain how and why Chapter 13 might be the right option for you.
- An Explanation
- Chapter 13 differs from other bankruptcy filings because it’s not a complete dissolution of assets and debt. Instead, Chapter 13 is a reconsolidation of the debt you possess. In place of creditors hounding you and you falling deeper into debt, Chapter 13 gives you a chance to catch up. All your current debts are combined, and you get one monthly payment, for which a trustee distributes the money evenly to your creditors.
- Why Choose Chapter 13?
- Truthfully, Chapter 13 bankruptcy is an easier filing to qualify for over other bankruptcy options. If you have an income that exceeds the limit for Chapter 7, Chapter 13 is your next best option. Additionally, if you’re worried about losing assets you care about, Chapter 13 is the better choice. There is no liquidation of assets required. Furthermore, Chapter 13 gives you a chance to set new terms for current payments, such as car loans or credit cards.
- The Goal of Chapter 13
- Ultimately, Chapter 13 bankruptcy in Peoria IL is meant to make life easier for those in debt. Rather than having multiple bills and payment plans with fees widely outside your monthly income, Chapter 13 refocuses those debts. Now, you’re given a lifeline in which you can pay past-due payments and unsecured debts conveniently, affordably, and within a manageable timeframe of 36 to 60 months.
Local Legal Professionals
If you have more questions about bankruptcy law and how additional filings can work to your benefit, Stephens Fiddes McGill & Associates is happy to help. Additionally, if you’re looking for more than bankruptcy guidance, our team of attorneys covers a swath of other legal services. For example, our practice areas include:
- Personal Injury
- Workers’ Comp
- Real Estate Law
- Social Security Disability
- Traffic Law
- Probate Law
- Family Law
- Criminal Law
Call Our Office
If Chapter 13 bankruptcy for Peoria IL is something you need help understanding, allow the team at Stephens Fiddes McGill & Associates, P.C. to be your guide. Call us today at 309-637-5297 for a free case evaluation. Also, our office is located at 456 Fulton St, Ste 222, Peoria, IL 61602.