Peoria Bankruptcy Lawyer Charles Covey

Free Bankruptcy Consultation 309-674-8125

Call 309-674-8125 to schedule your free consultation

When Medicare is Not Enough | The Graying of Bankruptcy

Many believe that Medicare will cover the healthcare needs they have as they age, but there are substantial expenses above and beyond what Medicare pays that can have significant financial consequences for seniors. Many older Americans quickly realize they are on the hook to make up the difference for medical costs Medicare does not cover or pay for additional insurance to bridge the gap and then some. Older Americans Seeking Bankruptcy on the Rise Americans 65 and older spend an average of … [Read more...]

Should I file for bankruptcy?

Only you can decide if bankruptcy is a good strategy for you after visiting with an experienced bankruptcy attorney. Your attorney can take a look at your debt and expenses compared to your income to determine if a chapter 7 liquidation bankruptcy or a chapter 13 repayment bankruptcy is appropriate for your circumstances. Will My Credit Be Hurt By Filing Bankruptcy? If you elect to move forward with the bankruptcy, you may be concerned that your credit will suffer. It is true that bankruptcy … [Read more...]

Should I File a Chapter 7 or Chapter 13 Bankruptcy?

Chapter 7 and Chapter 13 are the two main bankruptcy options available to people overrun by consumer debt. Before we look at the differences between the bankruptcies, there are two important terms to understand when considering bankruptcy: Unsecured debt and secured debt. Differences Between Secured and Unsecured Debt in a Bankruptcy Unsecured debt means that someone loaned you money without a lien. Credit cards and student loans are good examples of unsecured debt, because there's nothing … [Read more...]

Filing Bankruptcy Before or After a Divorce

Not surprisingly, many who have been through a divorce may inevitably consider bankruptcy protection because of the costs associated with ending a marriage. First of all, obtaining a legal divorce can be expensive. Retaining an attorney often costs thousand of dollars and, if it is a contested divorce, legal expenses can add up quickly. Typically as part of a divorce settlement, martital assets will be divided, which may decrease savings and retirement account balances as well as result in … [Read more...]

Illinois Chapter 12 Bankruptcy

Chapter 12 bankruptcy is a form of bankruptcy law specifically designed to protect family farmers and fishermen and is very similar to Chapter 13. Chapter 12 has a limited application, however, as only family farmers or fisherman with "regular annual income" may seek protection. Seasonal income is sometimes allowed if a debtor can demonstrate an ability to make regular payments. Individuals, corporations and partnerships are eligible to file Chapter 12 bankruptcy if they meet certain criteria … [Read more...]

The Difference Between Chapter 7 and Chapter 13 Bankruptcy Illinois

Chapter 7 bankruptcy is what many think of as wiping the slate clean and getting a fresh start. This type of bankruptcy is a liquidation bankruptcy designed to erase general unsecured debts such as credit cards and medical bills. In order to qualify for Chapter 7, you must have little or no disposable income. When you file, a trustee is appointed to administer your case to review your bankruptcy papers, supporting documents, and to arrange the sell of your nonexempt property to pay back your … [Read more...]

Office Location

Charles E. Covey

Bankruptcy Attorney
Commerce Bank Building
416 Main Street , Suite 700
Peoria, IL 61602

Phone: 309-674-8125

Directions

I serve clients throughout Central and Western Illinois, including Peoria County, Tazewell County, Knox County, Stark County, Marshall County, Fulton County, Woodford County, Bureau County, McDonough County, Warren County, Peoria, Galesburg, East Peoria, Pekin, Morton, Washington, Metamora, Chillicothe, Canton, Macomb, Princeton and Lewistown.