Find a Bankruptcy Lawyer in Rock Island, Illinois

Find the right Bankruptcy attorney in Rock Island, IL

In Rock Island, Illinois, bankruptcy is a legal proceeding in which a person or business has some or all of their debts legally cleared, when they are unable to pay them. This hopefully allows them to begin over with a clean slate and move on, after having learned to better manage their use of credit in the process. However, bankruptcy is not a free ride, allowing someone who simply doesn't feel like paying their debts to get out of that legal requirement. It is designed to prevent debt which has slight chance of ever being paid back from ruining the life and finances of the debtor. It also carries significant long-term consequences, which must be carefully weighed against the potential benefits. For example, bankruptcy makes it very difficult for the debtor to obtain credit in the near future.

Therefore, it is a good idea to talk with an veteran bankruptcy lawyer in Rock Island, Illinois. They will be able to advise you on the likely legal and financial consequences of filing for bankruptcy, and help you determine if it's the right option for your. Because this determination depends heavily on the facts of each distinct case, the counsel of a Rock Island bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Rock Island, Illinois

In Rock Island, Illinois, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Rock Island, Illinois will be roughly the same as everywhere else in America. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the funds from the sale to pay down as much debt as possible. Once the sale is done, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the full amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.

The other form of bankruptcy most frequently used in Rock Island is Chapter 13. It allows a person to pay off their debt over an extended period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while slowly paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Although it can be used by individuals, Chapter 11 bankruptcy is used almost always by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requires that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being enforced, this plan must be approved by a majority 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 Rock Island Bankruptcy Lawyer Help?

Filing for bankrtuptcy in Rock Island is an influential decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a seasoned Rock Island bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Rock Island

Rock Island is home to about 41,000 people. It is considered part of Illinois's "Quad Cities," and is located along the Mississippi River. Its neighbors include Moline, East Moline, Davenpor, and Bettendorf.

Some great sites for visitors include Black Hawk State Historic Site, Jumer's Casino Hotel, Broadway Historic District, Hauberg Civic Center, Longview Park Conservatory and Gardens, Quad City Botanical Center, and Rock Island Arsenal.

Some of Rock Island's top employers include the health care system, the school district, Augustana College, Performance Food Group, Modern Woodmen of America, YRC Worldwide, Dohrn Transfer Company, and Norcross Safety Products.

Alongside these employers, Rock Island is also home to many attorneys that practice in law offices and small firms. These attorneys are trained in many legal fields and focus on providing excellent, yet personalized, legal services.

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