Discuss Your Situation With an Experienced Southern Illinois Bankruptcy Attorney
Filing for bankruptcy may or may not be the solution to your debt crisis. But you owe it to yourself and your family to explore your options and make an informed decision. At the Giacoletto Law Office, PC, we can help you sort fact from fiction. In a free phone consultation, attorney Steve Giacoletto can answer all your questions and relieve your fears about bankruptcy.
Read the FAQ below for some basic information, and then arrange a consultation to discuss your specific circumstances and concerns. Based in Collinsville, we represent individuals and couples in the St. Louis area and Southern Illinois.
We are a debt relief agency. We help people file for bankruptcy under the federal Bankruptcy Code.
Frequently Asked Questions About Bankruptcy
What's the difference between Chapter 7 and Chapter 13 bankruptcy?
Chapter 7 bankruptcy wipes out certain debts completely, giving you a fresh financial start. In a Chapter 13 bankruptcy, you repay part of your debts over three to five years. Both types of bankruptcy offer immediate relief from creditors.
Will I lose everything?
This is a common myth. Most filers are able to keep everything, including their houses, retirement savings, cars and personal possessions. In a Chapter 13, you do not normally lose any assets. In a Chapter 7, you might have to surrender some property that is not exempt or "buy it back" from the trustee.
Can bankruptcy save my home?
Filing for bankruptcy stops foreclosure proceedings. If you can stay current with the regular mortgage payments, bankruptcy lets you make up the arrears over three to five years. We can help you decide if it is financially feasible to keep your home.
What debts are erased in bankruptcy?
- Bankruptcy typically discharges unsecured debts such as credit card balances, medical bills and certain judgments.
- Secured debts, such as a mortgage or car loan, are not normally discharged unless you are willing to surrender the property.
- Generally, you cannot discharge child support, alimony, student loans, taxes, criminal fines or judgments against you for causing injury or death.
Do I have to go to court?
Not normally, although you will have to appear for a creditors' meeting before a Bankruptcy Trustee. Steve Giacoletto will accompany you to the hearing, which usually lasts only a few minutes.
Can creditors fight my bankruptcy? Can they still sue me?
It is rare that creditors will object to a consumer bankruptcy, unless they have reason to suspect fraud or seek return of their collateral. Once your bankruptcy is filed, all lawsuits, collection actions and harassing phone calls are to be stopped immediately.
How long does it take to get a bankruptcy discharge?
A Chapter 7 discharge usually takes four to six months from the date you file. Chapter 13 usually lasts three to five years while you make monthly payments through the Bankruptcy Trustee.
Will bankruptcy ruin my credit?
Your credit score may already be poor from high debt and late or missed payments. Filing for bankruptcy is a black mark on your credit rating, but it is actually the first step to rebuilding good credit. A bankruptcy stays on your credit report for 10 years (Chapter 7) or seven years (Chapter 13), but it is possible you will qualify for new credit cards and loans before those periods.
Get Answers From a Collinsville Bankruptcy Lawyer
Call today for a free phone consultation at 866-647-5286 (toll free) or contact us online to schedule an appointment. Steve Giacoletto personally meets with you and handles your case.
We are a debt relief agency. We help people file for bankruptcy under the federal Bankruptcy Code.
