Make a Fresh Financial Start
Do you have massive credit card bills? Are your wages being garnished? Does your income provide enough money to cover your living expenses but not pay down your debt? Before you needlessly borrow money or withdraw funds from your retirement account for debt repayment, speak with a skilled bankruptcy lawyer about your circumstances. You may be eligible to file for Chapter 7 consumer bankruptcy.
At the Law Offices of Eric James Homa, PC, we offer affordable bankruptcy assistance for individuals and small businesses struggling with crippling debt. We exclusively handle bankruptcy cases, taking care of all aspects of filing from completing the paperwork to appearing at court hearings. To discuss whether you qualify for Chapter 7 bankruptcy, or if Chapter 13 bankruptcy is a better fit for you, call our office at 309-673-5297.
What Exactly Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy, also known as liquidation bankruptcy, is a process in which most of your unsecured debt is discharged or eliminated. This generally includes:
- Credit card bills
- Medical expenses
- Payday loans
- Cash store loans
- Certain federal income taxes
In return, you must turn over any assets that are not secured or classified as exempt under state or federal law. That property is then sold to pay a portion of your debt to your creditors.
When you file bankruptcy, an automatic stay immediately prevents creditors from taking action against you. Creditor phone calls, foreclosures, repossessions and wage garnishments instantly stop. Finally, you will be able to breathe freely once again.
Will I Lose Everything?
It is a common myth that people who file for bankruptcy lose everything. The truth is bankruptcy is designed to help people in financial distress get back on their feet. While luxury items such as campers and multiple vehicles will most likely be forfeited, the court allows filers to keep a certain amount of property through an exemption system. Further, if you are able to maintain payments on your house or vehicle, you will generally be able to retain them.
Experienced Illinois Bankruptcy Attorney on Your Side
Not everyone qualifies for Chapter 7 bankruptcy. For this form of debt relief, you must meet certain income restrictions. To learn if you are eligible for liquidation bankruptcy, contact our office.
Our firm is headquartered in Peoria, Illinois with branch offices throughout Central Illinois, in Springfield, Bloomington and Galesburg.
