If you are in up to your head in debt, you should meet with a seasoned chapter 7 lawyer Peoria IL has to offer. By doing so you can begin the process to break free from the unsecured debts that are holding you down and keeping you from moving forward in your life. Smith & Weer, P.C. has the experience, determination, and dedication needed to get results. If you are ready to start the process, call a Peoria chapter 7 lawyer today.
Chapter 7 Lawyer Peoria IL
If you are drowning in debt related to credit cards, medical expenses, or taxes, and tired of dealing with creditors, filing for chapter 7 bankruptcy may be ideal. The process could be a ticket to financial freedom without hindering your house or other important assets. You can file without a chapter 7 lawyer in Peoria IL, but this is not recommended to do so unless you have a legal and/or financial background.
What You Should Know about Chapter 7
Chapter 7 has been a blessing for millions of Americans. However, because of every person’s unique financial situation, this form of bankruptcy may not be for everyone. In order to qualify you will be required to pass what’s known as a means test. This is an assessment that focuses on your income. A chapter 7 lawyer Peoria IL respects can explain the test to you and help you to complete it. In general, most clients at our firm will pass. If you don’t there might be alternative options.
Criteria for Filing Chapter 7
If you meet the following criteria, you can probably file for chapter 7 bankruptcy:
- You have very little, or no, income. Usually this includes less than the average income for your area, or you have lost your job, or cannot work.
- You live paycheck to paycheck and do not have extra money after your bills are paid.
- You have accumulated excess unsecured debt in the form of medical expenses or credit cards.
- You own little, or no, assets. You might rent or have a small amount of equity in a home you purchased.
- You have few large assets. Maybe you rent or have little equity in your home.
If you feel like you meet some of these criteria, but not all, you can speak with a chapter 7 lawyer Peoria IL has to offer for further advice.
Concerns about Your Possessions
Most people hear the word bankruptcy and fear that they will lose their possessions. This is not true. Unlike chapter 13 bankruptcy where payment plans are developed, chapter 7 usually involves the discharging of all unsecured debt. Non-exempt assets may be turned over to a trustee and liquidated. This may or may not include your house, car, and so forth. Each state has a list of exemptions which can be discussed in further detail by a chapter 7 lawyer Peoria IL relies on.
Talk to Smith & Weer, P.C. to Find Out if Chapter 7 Is Right for You
If you are not sure which path is right for you, but know you need to get out of debt quickly, please contact our law firm. We can evaluate your situation and let you know what is most suitable to your needs. For a free consultation with a chapter 7 lawyer Peoria IL offers, call (309) 628-0338.