Choosing to file for bankruptcy is a major decision that will impact your financial situation for years to come. Before proceeding with the bankruptcy process, you should contact an experienced attorney to discuss your options and to help ensure that you understand the process.
Lawyers Help You Choose the Right Type of Bankruptcy
There are different types of bankruptcy, and the one that you select depends on several factors. Bankruptcy lawyers in Charleston, IL can help you explore these details and choose the right option.
The most common types of bankruptcy filings are Chapter 7, Chapter 11, and Chapter 13. Chapter 7 is the most common option for eliminating unsecured debts such as credit cards or personal loans. However, assets may be liquidated in order to repay the debts.
Chapter 11 is often used by businesses and small business owners to restructure debt. Chapter 13 is used by individuals who exceed an income threshold and need to restructure their debt. Both Chapter 11 and Chapter 13 bankruptcy involve the creation of a repayment plan to pay down debts over time.
Lawyers Ensure That Your Paperwork Is Free of Errors
When you file a petition with the court for bankruptcy, the petition cannot contain any errors. Bankruptcy lawyers can help ensure that all court documents are free of errors. This will prevent any issues from arising which could get your petition denied or dismissed.
Lawyers Walk You through the Entire Process
The entire process of filing for bankruptcy and understanding how it impacts your debts can be complicated. However, bankruptcy lawyers will be with you every step of the way. They can help you understand what to expect, including the tax implications and the effects of bankruptcy on your personal credit.
If you are considering filing for bankruptcy, contact the experts at Smith Law, LTD. Discussing your plan with a qualified attorney will help ensure that you select the right type of bankruptcy. They will also walk you through the bankruptcy process and help you avoid errors when filing your petition.