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Should you seek help from a Chapter 7 lawyer Peoria IL offers?

Chapter 7 Lawyer Peoria ILIf 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 bankruptcy with the help of a chapter 7 lawyer Peoria IL locals recommend:

  • 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.


How Do I File for Bankruptcy?

A chapter 7 lawyer Peoria IL community members turn to understands that the idea of filing for bankruptcy can be stress inducing. However, being consumed by an overwhelming amount of unmanageable debt can cause you to lose sleep at night. Avoiding the problem will only intensify the debt you have incurred and ultimately make the problem worse. If this applies to you, it’s likely that you have many questions about where to begin when initiating the bankruptcy process. A chapter 7 lawyer Peoria IL residents choose can help to make sure that you meet the requirements and timelines required when going through bankruptcy.


Bankruptcy Basics

When a person accrues debt that they can no longer afford, it may make sense to file for bankruptcy. This is often the case when the total amounts of someone’s debts far exceed the money that they have to be able to pay them off. Filing for bankruptcy can allow a person the opportunity to wipe the slate clean of debts. When a person files for bankruptcy the go through a court process where a judge goes over your total debts and determines whether or not debts can be reduced or forgiven. There are a number of financial records you will need to gather prior to filing for bankruptcy including:

  • Income information
  • Debts
  • Assets
  • Expenses

A chapter 7 lawyer in Peoria IL will be important to help you meet the required deadlines and gather all the information that you need before going to court.


Financial Advisor

In most cases, prior to filing for bankruptcy you must first meet with a financial advisor. When choosing a financial advisor, you will need to access a provider who is approved by the courts. A list of financial advisors can be accessed online. This is a requirement to ensure that you have looked into all possible solutions and made attempts to improve your situation prior to taking your case to court. Some financial advisors can even offer consultation by phone or online.


Means Test

Taking the means test is a way of figuring out if your income will allow for you to file for bankruptcy. The means test helps to ensure that people who can afford to pay their debts aren’t unnecessarily filing for bankruptcy. The means test looks at your income in comparison to the average median income in your state. It also takes a look at any extra income you may have left over each month after paying your bills. The more extra or disposable income you have, the less likely you will be to file for bankruptcy.

When considering whether or not filing for bankruptcy is the best decision for you, it will be important to weigh out the pros and cons of each. Working with a financial advisor and a chapter 7 lawyer Peoria IL individuals trust can be helpful in determining a solution that fits you best.


A Peoria IL Chapter 7 Lawyer You Can Count 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) 694-67008.

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