Pekin Secured Debt Lawyer
As a bankruptcy attorney, one of my most important duties is to identify the nature of my clients’ debts to create a bankruptcy plan that works best for their particular needs. One critical issue that arises in bankruptcy cases is the treatment of unsecured and secured debts.
A secured debt is any debt that is backed by some form of collateral such as a car, boat or home. While a Chapter 7 bankruptcy will allow individuals to discharge many types of secured debts, the bankruptcy discharge only ensures that the individual is not required to pay back the debt. The creditor may still repossess the car, truck, motorcycle or other secured property that is the subject of the secured debt.
One key consideration in bankruptcy, therefore, is which types of secured property a bankruptcy petitioner wishes to keep. Through the use of reaffirmation agreements, debtors may keep secured property by agreeing to repay all or a portion of the remaining debt. I encourage you to visit my reaffirmation agreements page to learn more.
Unsecured debts such as credit card debts, medical bills and many other forms of consumer debt may be discharged with a Chapter 7 bankruptcy. A Chapter 13 bankruptcy will result in a bankruptcy payment plan that may also result in a discharge of a portion of your unsecured debts after the successful completion of your Chapter 13 plan.
If you reside in Central or Western Illinois and need to speak with an experienced bankruptcy lawyer about your debt issues, I can help. I am Peoria unsecured debt lawyer Charles Covey, and I have been representing clients in bankruptcy cases for more than 30 years. For the past 20 years I have devoted my practice exclusively to bankruptcy and debt relief matters, so I am in a unique position to offer the experienced and highly knowledgeable representation that you require.
Contact a Peoria Bankruptcy Attorney
My law office is located in Peoria, Illinois. Call 309-674-8125 to schedule your free consultation. You may also contact me by e-mail.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.