Illinois Bankruptcy Attorney Charles E. Covey
Many people are hesitant to file bankruptcy because they are concerned about the long-term consequences of debt relief. You may worry that your credit score will be irreparably low, that you will be unable to get a car loan or buy a home. You may be concerned about how your credit score will affect your job prospects. At Charles E. Covey, Attorney at Law , we can dispel any bankruptcy myths and help you determine whether bankruptcy is the right option for you.
It is important to understand what happens after bankruptcy before you make the decision to file for bankruptcy. Attorney Covey can assess your financial situation and provide you with the credit repair information you need before you file for bankruptcy. Contact our Bankruptcy Lawyers to learn more about your rights and debt relief options.
How long does bankruptcy take?
While we can file immediately to protect you against home foreclosure or repossession, a bankruptcy usually takes about 90 days to completion. Our clients all face unique and varying circumstances that have made them eligible or in need of debt relief. Our attorney and staff are not here to judge, but to help you achieve the fastest and most effective relief possible.
What happens after bankruptcy?
Depending on the type of bankruptcy you are filing for, the consequences will vary. Chapter 7 bankruptcy will eliminate most or all of your unsecured debt. In a Chapter 13 bankruptcy, you are able to protect certain assets, such as a car or home. A Chapter 13 bankruptcy allows you to reorganize your debt and helps you regain control of your financial situation. Depending on your financial circumstances and needs, we can help you pursue a debt relief solution for you and your family.
Can I still get a car loan or a mortgage for a home?
Car and home loans after bankruptcy are not uncommon. In fact, obtaining a home loan after bankruptcy is much more likely than trying to obtain one with significant debt. Even though you have made the decision to file bankruptcy, you are considered less of a risk than a person who has significant unpaid debt. In Peoria, we are familiar with many dealers who are willing to sell cars and provide loans to our clients who have previously filed bankruptcy. While buying a home may take longer, it is never impossible to obtain a home loan after bankruptcy.
What are steps toward credit repair?
Achieving a high credit rating and secured financial status after bankruptcy can take some time, but is not impossible. Once you have filed bankruptcy, you can still obtain credit cards and begin rebuilding your credit score. The longer you pay your bills on time and continue to build credit, the faster your credit rating will go up.
Contact Charles E. Covey for a free consultation with a bankruptcy lawyer in Peoria, Illinois or surrounding community such as Pekin, Galesburg, or Canton. Call now to explore your options and alternatives if you are considering bankruptcy. We can protect your rights and help you take steps toward a financial fresh start.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.