Consumer Bankruptcy Lawyers in Rock Island, Illinois

Find the right Consumer Bankruptcy attorney in Rock Island, 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 controlled by federal law and handled in federal courts, so the procedural and substantive rules involved in Illinois are often the identical as everywhere 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 Rock Island, Illinois bankruptcy attorney beforehand.

Chapter 7 Bankruptcy in Rock Island, Illinois

In Rock Island, Illinois, there are 2 commonly-used types of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 states that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many forms 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 cleared. Some forms of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Rock Island, Illinois is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Rock Island, Illinois

Chapter 13 Bankruptcy in Rock Island, Illinois differs considerably from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 does not excuse debt, but restructures it instead. Typically, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is typically manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Rock Island, Illinois

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your distinct situation. If you have a stable income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a stable income, and most of your property is exempt, Chapter 7 might be a better way to go.

Whatever your situation, you should speak with a local Rock Island, Illinois bankruptcy lawyer. Your attorney will be able to advise you of your options and their likely results, which will help you make a more educated decision.

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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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