If you find yourself facing financial issues, you may be able to find a peace of mind by speaking with a bankruptcy lawyer in Pekin IL. At Smith & Weer P.C., we are dedicated to helping others understand the positives of filing for bankruptcy and how it can create a new start for you financially. We understand that it can be a big decision and that is why we can be by your side every step of the way. Every person is in a different circumstance with their finances, and we can offer specific paths that may help you gain a fresh financial start.
Bankruptcy was set into place as a system of federal laws in order to give individuals or businesses a relief from debt, enabling them to create a new financial beginning. These laws were designed to help those that were in debt create a new future without the pressure from creditors trying to collect pre-existing debts. In some cases bankruptcy may be the option that helps you the most, don’t hesitate in contacting a bankruptcy lawyer Pekin IL residents trust from Smith & Weet P.C. to gain more information. There are different types of bankruptcy claims that can be filed and it is vital to have the proper guidance when deciding which one is best for your situation; that is why it is imperative to meet with an experienced Pekin bankruptcy lawyer that can help guide you on the different options.
Different Options of Bankruptcy
A bankruptcy lawyer in Pekin IL may explain that there are two common types of bankruptcy called chapter 7 and chapter 13:
- Chapter 7: this bankruptcy options is designed to help pay off as much debt as possible by liquidating nonexempt assets. This may be the best option for you if you are currently unemployed, have overextended credit, high medical expenses, or marital problems. Under this option your assets are depleted and then the funds are allocated to different creditors such as credit card organizations or banks. This route allows unsecured debts to be discharged, which means that those debts are completely erased. Most of your assets will be sold to help pay the accrued debts, this may include your house, company or other high valued items. This is typically a quick way for people to experience a fresh start with their finances, however, it may not be the best option for your situation that is why is it important to speak with a bankruptcy lawyer in Pekin IL.
- Chapter 13: If you are wanting to maintain your assets or property this option may be better for you. Under this bankruptcy plan your debt is reorganized to create a better repayment plan for your particular situation. During this program individuals typically have three to five years to continue paying off their debts using their current income. If the individual has consistent yearly income a grace period is offered. After the grace period any debt remaining is discharged. If you believe this may be your best option to secure your finances you may want to speak with an experienced bankruptcy lawyer in Pekin IL from Smith & Weer P.C.
No matter what your situation may be, it is important to communicate with someone that understands the logistics and legal aspects of filing for bankruptcy. Contact a trusted and skillful bankruptcy lawyer in Pekin IL from Smith & Weer P.C. and call us at (309) 347-4300 to achieve financial peace.