Consumer Bankruptcy Lawyers in Quincy, Illinois

Find the right Consumer Bankruptcy attorney in Quincy, IL

Bankruptcy is a legal procedure allowing a person or business to have their debts excused, in part or in whole. It is typically treated as a last resort, because, while it can prevent financial catastrophe, it has some influential long-term consequences. This warrants careful consideration of the costs and benefits. Bankruptcy is governed by federal law and handled in federal courts, so the procedural and substantive rules involved in Illinois are often the same as anywhere else in the U.S. However, individual bankruptcy courts have slightly different rules for items such as exemptions, so it would be a good idea to consult with a local Quincy, Illinois bankruptcy lawyer beforehand.

Chapter 7 Bankruptcy in Quincy, Illinois

In Quincy, Illinois, there are 2 commonly-used forms of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 requires that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many types of property are exempt, and do not need to be liquidated, such as cars, homes, insurance policies, and retirement accounts.

Once the non-exempt property is sold, the rest of the dischargeable debt is absolved. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Quincy, Illinois is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Quincy, Illinois

Chapter 13 bankruptcy in Quincy, Illinois is markedly different. It may or may not be a better option than Chapter 7, depending on the facts of your specific case. Chapter 13 bankruptcy does not absolve debt, it restructures it. This involves a court coming up with an adjusted repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original arrangements that created the debt in the first place. This creates a new payment structure, typically involving a single monthly payment, that the debtor should find manageable.

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

Chapter 13 is typically a good option for people who have a steady income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a steady income, Chapter 7 might be more beneficial.

Of course, you should always seek the counsel of an experienced local Quincy, 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 specific situation.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Quincy

Quincy is nicknamed the "Gem City of Illinois. Perhaps this is so because it lies along the Mississippi River. It is a small city home to about 40,700 people. Interestingly, Quincy used to be the hub for the transportation of riverboats and rail service, connecting many destinations along the river.

Some major corporations located in Quincy include Niemann Foods, Gardner Denver, and Titan Wheel. Other thriving employers include the healthcare industry and school district. Many attorneys also call Quincy home, and practice in many areas of law.

Some popular attractions in Quincy include Temple B'nai Sholom, Quincy Museum, Moorish Castle, Quincy University, and the South Side German Historic District.

All in all, Quincy is a quaint place to live offering its residents small town charm!

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