What You Need to Know about Bankruptcy Relief
Helpful Information from Belsheim & Bruckert, LLC
At the law office of Belsheim & Bruckert, LLC, we offer experienced counsel to individuals and businesses seeking protection under the federal bankruptcy laws. We are not a bankruptcy mill and will take the time to learn the unique aspects of your situation so that we can help you identify and implement solutions that meet your needs. Contact our office to schedule a free initial consultation.
If you are considering bankruptcy as a way to wipe your slate clean and get a fresh start, you may have many unanswered questions. The purpose of this page is to provide answers to basic questions about bankruptcy, so that you can make informed decisions about whether a bankruptcy filing is in your best interests and, if so, what direction you should take.
Common Questions about Personal Bankruptcy
- What protection will I get by filing for bankruptcy and when will I get that protection?
- Upon filing for protection under Chapter 7 or Chapter 13, an automatic stay will immediately go into effect. The automatic stay prohibits your creditors from calling you, sending you letters or taking any other action to collect the debt other than through the bankruptcy process. As long as you abide by the terms of your bankruptcy, the stay will remain in place.
- How do I decide whether to file under Chapter 7 or Chapter 13?
- You do not choose to file under Chapter 7. Under the new bankruptcy law, enacted in 2005, you must qualify to discharge your debts under Chapter 7 by submitting to a "means test." If you can demonstrate that you lack the means to repay your creditors over a 3 to 5 year period, you may qualify for a Chapter 7 filing.
- Will I be able to discharge all debts in a Chapter 7 filing?
- Most debts can be discharged, however, some debts, such as student loans and certain tax debts, are not dischargeable.
- Will I lose everything I own if I file under Chapter 7?
- No. Only non-exempt assets are sold in a Chapter 7 bankruptcy proceeding.
For a free initial consultation, contact us or call us at 618-589-1152 (toll free 1-866-901-6137). We are available to meet with clients from 8:00 am until 5:00 pm, Monday through Friday, and outside normal business hours by appointment. We accept Visa, MasterCard and Discover.
Belsheim & Bruckert, LLC
1002 E. Wesley Drive, Suite 100
O'Fallon, IL 62269-6136
Telephone: 618-589-1152 | Toll Free 1-866-901-6137
Map & Directions
At the law office of Belsheim & Bruckert, LLC, in O'Fallon, we represent clients throughout the Metro East region in Illinois, including Fairview Heights, Belleville, Collinsville, Shiloh, Swansea, Mascoutah, Scott Air Force Base, Caseyville and Lebanon; and in Madison County, St. Clair County, Clinton County and Monroe County.
