Bankruptcy Attorney in Galesburg, IL
Bankruptcy can offer anyone a fresh financial start. At Niebuhr Law Firm, we specialize in bankruptcy law. This means that we work to acquire positive outcomes for individuals in need. We understand that filing for bankruptcy is a major step, and that you may have some questions moving forward. Our experienced bankruptcy attorney in Galesburg, IL is here to address any of your concerns. In fact, we strive to make the entire process as smooth and straightforward as possible.
Deciding the Type of Bankruptcy
If it’s obvious that you cannot pay all of your debts, you may be able to set up a payment schedule with your creditor. If you cannot manage that, your creditor can legally seize your assets. To prevent this, you can file for bankruptcy. Once you do this, all collection attempts will cease. You will then have the opportunity to repay your debts over time. The entire debt may even be discharged after a given period of time.
When filing for bankruptcy, you have two options to consider: Chapter 7 Bankruptcy and Chapter 13 Bankruptcy. You need to decide which one fits your current situation. By sitting down with our experienced bankruptcy attorney in Galesburg, IL, you can settle on the best filing method for your needs.
Advantages of Chapter 13
Some individuals find that Chapter 13 bankruptcy is, by far, the more advantageous choice. Furthermore, Chapter 13 allows individuals to retain ownership of their assets, including their home, vehicles, and possessions.
Chapter 13 may work best for you if you owe money on Federal or State taxes. Chapter 13 bankruptcy will not completely discharge these taxes, but it will allow you to pay them over time without any interest or penalties. Many of our clients find that this is enough of an advantage to put them ahead.