Whether through unexpected medical bills or some questionable financial decisions, most everyone experiences some level of debt throughout their lifetime. However, for those who cannot overcome their debt, there are options available to them. One of those options is bankruptcy and is typically only considered once all other options have been exhausted. If you’ve reached that point and would like to know more about how to file for bankruptcy in Peoria IL, allow Stephens Fiddes McGill & Associates to be your guide.
While the specifics for each type of bankruptcy vary, the initial steps for filing stay relatively the same. For example, if you’re getting ready to file for bankruptcy, consider:
You can’t expect to file for bankruptcy without sufficient evidence of its need. Documents you’ll want to show the court include tax returns (past two years), pay stubs, credit reports, recent bank account statements, real estate appraisals and more.
Often, the debtor must take a credit counseling course before the bankruptcy petition is filed. This is a last check on your debt and finances, showing alternatives to bankruptcy and whether or not they might work for you.
If wishing to go through with bankruptcy, there are quite a few forms that go along with it. Forms will change depending on the type of bankruptcy you’re filing for.
Once your filing is ready and you’ve taken all the correct steps in preparation, you’ll bring your petition to the court. Here, you will give the clerk your bankruptcy forms and pay a filing fee. If you are not able to pay the fee, payment plans or a waiver can be discussed.
After you’ve filed, you’ll wait for your petition to either be approved or denied. If approved, you’ll go through the next steps of what must be done with the courts and creditors. If denied, you’ll have to go through the process again. Conversely, if you want an easier time filing for bankruptcy, allow a bankruptcy attorney like Stephens Fiddes McGill & Associates to handle your case. We know the intricacies of how to file for bankruptcy in Peoria IL. Our team will assist in gathering all necessary documentation, completing forms, and helping you in the reorganization of debt upon an approved filing.
In understanding several types of bankruptcy filings (Chapter 7, 11 & 13) the team at Stephens Fiddes McGill & Associates, P.C., would be happy to assist you. Additionally, we handle various other legal issues, such as criminal defense or family law, if you have an interest in legal services unrelated to bankruptcy. To learn more about our law firm and what we offer, contact our office today at 309-637-5297. Also, we are located at 456 Fulton St, Ste 222, Peoria, IL 61602.
