Consumer Bankruptcy Lawyers in Belleville, Illinois

Find the right Consumer Bankruptcy attorney in Belleville, IL

Bankruptcy is a legal procedure that allows an individual or business to have some or all of their debts discharged. It is usually considered as an option of last resort, because while it can stave off financial disaster, it has some significant long-term consequences warranting careful consideration of the costs and benefits. Since it's a creation of federal law, bankruptcy is handled in federal courts. Therefore, the rules and procedures governing it in Illinois will be the same as everywhere else in the country. Individual courts in Belleville, Illinois will have some unique rules, however, so you should consult with a local lawyer before you file.

Chapter 7 Bankruptcy in Belleville, Illinois

In Belleville, Illinois, there are 2 main types of commonly-used consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 involves liquidation of part of a debtor's assets. It requires that a certain percentage of the debtor's property to be sold to pay off as much debt as possible. The majority of property that most people own, however, is exempt. This usually includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once all non-exempt assets are sold, and the money from the sales turned over to the creditors, most remaining debt is discharged. But some forms of debt cannot be discharged through Chapter 7 bankruptcy. These include child support payments, student loans, and criminal fines, among others. If most of your Belleville, Illinois debts are not dischargeable, you may want to consider options other than bankruptcy.

Chapter 13 Bankruptcy in Belleville, Illinois

Chapter 13 Bankruptcy in Belleville, Illinois is very different from Chapter 7. Whether or not it is a better option is very dependent on the facts of each individual case. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the agreements that gave rise to the debt in the first place. This results in a new payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

Which Type of Consumer Bankruptcy Should I File in Belleville, Illinois

This depends entirely on the facts of your particular case. If you have a decent amount of stable income, and a large amount of non-exempt property which you don't want to part with, Chapter 13 may be the best option for you. If most of your property is exempt, and you don't have much stable income, Chapter 7 might be the best option.

Of course, you should always seek the counsel of an accomplished local Belleville, Illinois bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your particular situation.

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Life in Belleville

Bellevilla is located in St. Clair County, Illinois. The city is known as the eighth most populated city in Illinois, with an approximate population of 45,000. For fans of the sitcom The Simpsons, Belleville is south of Springfield, Illinois. It is known for having a diverse population and great attractions for tourists to enjoy.

Some popular sites include the Labor Industry Museum, the Our Lady of the Snows National Shrine, Sky-View Drive-In, and historic Downtown Belleville.

Belleville is home to well-qualified attorneys who are able to hadnle the legal needs of residents.

Some popular residents have included Dave Butz, Buddy Ebsen, Darius Miles, Al Smith, Lorenda Starfelt, Randy Wells, and Harry Statham.

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