411 Hamilton Blvd, Suite 1600, Associated Bank Building Peoria, Illinois 61602

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Chapter 7
With Chapter 7 (also called "straight bankruptcy") the court grants relief from most types of debt including credit card balances, medical bills and finance company loans. Some types of debts like recent income taxes, student loans and child support obligations are not removed. On secured debts, like a home mortgage or vehicle loan, you have the option to keep the property and keep making the payments, or surrender the property to the lender and have your liability removed. You generally are able to keep all of your property, unless you have substantial equity in the property beyond what Illinois law allows you to protect.
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Chapter 13
With Chapter 13 you make monthly payments to a court appointed trustee to pay back some or all of your debts over a three to a five year period. The amount of the payment is based on the amount of your income and expenses, and in some cases is as low as $100 per month regardless of the amount of debt that you have. For secured loans like home mortgage or vehicle loans, you have the option to pay these on your own, or you can put the loans into the plan and restructure the payments. Chapter 13 can also stop repossessions or foreclosures by allowing you three to five years to catch up the back payments through the trustee. You also have the option to surrender the property to be relieved of the debt.
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Why Choose Us?
Our firm has served Central Illinois in bankruptcy matters since 1965. We have the experience necessary to provide you with all of the options available. Our attorneys are capable of handling the most complex business problem, but always with compassion and keeping your needs first.
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Bankruptcy

Chapter 7
Chapter 13
Alternatives to Bankruptcy
Options for Businesses
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Foreclosures

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FAQ's

What is bankruptcy and where do the bankruptcy laws come from?
Bankruptcy is a legal process in which you say to a court that you cannot pay your bills as your... read more »
What types of bankruptcy are there?
The two most common types of bankruptcy available are Chapter 7 and Chapter 13. Under Chapter 7 you receive a... read more »
Will I lose property in a bankruptcy?
In most cases you are able to keep all of your property. Illinois and federal law give you protection of... read more »

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Peoria IL Banruptcy Lawyer Services

Rafool Bourne & Shelby Attorneys at Law concentrate in debt relief and bankruptcy in Peoria and all of Central Illinois. As a debt relief agency, we help people file for bankruptcy, and have more than 40 years of bankruptcy experience. We can help you to better understand Chapter 7 or Chapter 13, answer your other questions, and provide you with a variety of choices. We'll point out alternatives and consult with you about each option available to you with no obligation.