If facing the unfortunate prospect of financial debt, it can sometimes seem like there’s no way out. However, you shouldn’t lose hope. With help from law firms like Stephens Fiddes McGill & Associates, P.C., we can help you plot a course towards financial stability. And in some cases, that might mean filing for Chapter 7 bankruptcy in Peoria IL. Allow our team to advise you on the best path forward.
Chapter 7 bankruptcy is one of the more commonly used bankruptcy filings. However, depending on your financial situation, there might be bankruptcy adjacent options or other filings that will help you better when getting out of debt. Allow our team to explain Chapter 7 and if it’s right for you.
In understandable terms, Chapter 7 bankruptcy allows the debtor to be released from certain financial obligations through the liquidation of assets. A bankruptcy attorney (or bankruptcy trustee) will help gather your nonexempt assets to sell as repayment towards creditors. Whatever debt might be left after the sale of assets is then discharged.
The purpose of Chapter 7 is to give you a fresher slate than before, but not to completely take away your current assets. Thus, certain assets are exempt from Chapter 7. Such assets can include motor vehicles, household appliances and furnishings, necessary clothing, damages awarded for personal injury, and more. However, nonexempt assets can include bank accounts, stocks, secondary vehicles, secondary properties, and family heirlooms, among other assets.
Once enough assets are liquidated to cover a portion of your debts, the remainder is discharged. However, under bankruptcy law, certain debts cannot be discharged. Those debts include student loans, taxes, child support, court fees, fines from criminal charges and several others. Conversely, debts like credit card charges, medical bills, utility bills, auto accident claims, etc., we can help lift off your shoulders.
For further questions about filings other than Chapter 7 bankruptcy in Peoria IL, Stephens Fiddes McGill & Associates’ team is glad to assist. Furthermore, if you have legal needs beyond bankruptcy law, our attorneys handle several other legal practices. For example, we provide legal counsel for:
To better understand Chapter 7 bankruptcy in Peoria IL and whether it’s right for you, contact the professionals at Stephens Fiddes McGill & Associates, P.C. today. You can call us at 309-637-5297 for a free case evaluation. Also, our office is located at 456 Fulton St, Ste 222, Peoria, IL 61602.
