Bankruptcy represents an important safety valve for people whose financial pressures are too much to deal with due to mortgage problems, wage garnishment, medical bills, job loss or the cash-flow difficulties that sometimes accompany divorce. To learn about your rights under the Bankruptcy Code and whether a Chapter 7 petition may be the right move in your situation, contact Barr & Barr in Decatur for the advice of a knowledgeable attorney.
Understanding Your Debt Relief Options in Central Illinois
We can explain how bankruptcy works, whether you're eligible for Chapter 7 relief, the benefits of bankruptcy, and the considerations that might point toward a different approach to your financial pressures. Our lawyers do not recommend bankruptcy for everybody. Your ability to take full advantage of the benefits of bankruptcy depends on many factors, and we discuss them all with each prospective client in a free consultation.
Get Advice About Relief From Debt Collection Pressure
When bankruptcy appears to offer the best solution to financial pressures in a given situation, most people prefer to file under Chapter 7, which is the fastest and most complete form of debt relief available under the Bankruptcy Code. Here are some of the main features of Chapter 7:
- Most cases are finished within three or four months
- As soon as the case is filed, practically all creditor contact and collection activity must stop
- You're protected from creditor action such as garnishment and lawsuits throughout the bankruptcy case
- In most cases, you don't need to pay any portion of dischargeable unsecured debts or turn over assets to creditors
- When the Chapter 7 case is complete, you receive a discharge of qualified indebtedness
Not everyone is eligible for Chapter 7 relief. For example, if your adjusted household income is too high, Chapter 13 will be your only bankruptcy option. Our attorneys will make a complete analysis of your financial situation to let you know whether the adjustments to income can keep you eligible for Chapter 7 even if your gross income is relatively high.
Additionally, people can receive a Chapter 7 discharge only once every eight years. Once again, if you need bankruptcy protection after having received a discharge more recently, Chapter 13 will be your only option.
Central Illinois Credit Card Debt Relief Attorneys
At Barr & Barr, you'll be working directly with your lawyer through every stage of the bankruptcy case from the initial consultation through the discharge. For additional information about your debt relief options, contact a Decatur Chapter 7 bankruptcy attorney at our office for a free consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.