Find a Bankruptcy Lawyer in Decatur, Illinois

Find the right Bankruptcy attorney in Decatur, IL

In Decatur, Illinois, bankruptcy is a court procedure in which a person or business has some or all of their debts cleared (or "discharged"), theoretically allowing them to begin with a clean slate, and move on with their lives no longer drowning in debt (and hopefully having learned to better manage their use of credit in the process). Bankruptcy should be treated as an option of last resort, and should not be viewed as a proper way to get out of debt that you just don't feel like paying. Bankruptcy can have severe consequences, including but not limited to damage to your credit rating. A bad credit score can impact your ability to get loans in the future, to rent an apartment, and possibly even your ability to get hired at some jobs (as some employers now run credit checks on prospective employees).

For that reason, it would be advisable to speak with a good Decatur, Illinois bankruptcy attorney. This attorney will be able to advise you as to whether or not filing for bankruptcy is a good idea, given your individual situation. This determination is highly dependent on the details of each individual case, so a Decatur attorney's advice is absolutely indispensable.

Types of Bankruptcy in Decatur, Illinois

In Decatur, Illinois, there are three basic bankruptcy schemes that are most often used. They are recognized as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in Decatur, Illinois will be very similar to those in any other part of the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is verified, and the proceeds handed over to the creditors, the debt is perceived as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are completely or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.

Under Chapter 13 bankruptcy in Decatur, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a prolonged period of time, thus theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Though Chapter 11 bankruptcy can be used by individuals, it is almost always used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be authorized by a vote of participating creditors.

One advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operating, and to trade its stock.

How Can a Decatur Bankruptcy Lawyer Help?

The need to consider all the options and consider the costs and benefits of applying for bankruptcy in Decatur cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Decatur bankruptcy attorney beforehand.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Decatur

Decatur is the sixth most populated city in Illinois. A nickname for Decatur is the "Soybean Capital of the World."

Some popular sites in Decatur include Lake Decatur, Lincoln Trail Homestead State Memorial, Rock Springs, Fort Daniel Conservation Area, and Spitler Woods State Natural Area.

Decatur has been featured in some great movies. These movies include The Informant!, Leatherheads, Ferris Bueller's Day Off, Shaft, Bachelor Party, and So I Married and Axe Murderer.

Decatur has also been featured in TV shows such as The Fugitive, the Travel Channel's Most Terrifying Places in America, and The Colbert Report.

Along with the above, Decatur has a strong legal force capable of handling any and every legal inquiry!

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