Bankruptcy

Declaring Bankruptcy

Major life events, including divorce, losing a job, or dealing with a critical illness, can lead even financially-savvy people to bankruptcy. If you have found yourself in this position, Kepple Law is here to help you find whatever debt relief is possible.

Kepple Law attorneys are experienced in Chapter 7, Chapter 11 and 13 bankruptcies. We will work to relieve you from the financial and emotional burden of severe debts and impending bankruptcy.

Discharging Debts:

Certain debts can be discharged through a Chapter 7 bankruptcy. Some of these include:

  • Credit card charges
  • Medical bills
  • Collection agency bills
  • Personal loans
  • Utility bills
  • Car accident claims, unless drunk driving was involved
  • Some business debts
  • Lease agreement charges, including past due rent
  • Some attorney fees
  • Veterans assistance loans/over-payments

The Bankruptcy Code lists categories of debt that cannot be discharged, including child support and alimony, debts received through fraud and interest owed from debts that cannot be discharged. Our attorneys will help you understand which debts can and cannot be discharged.

Chapter 7, Chapter 11 & Chapter 13

There are three common kinds of bankruptcies that we can assist you with, Chapter 7, Chapter 11 and Chapter 13.

A Chapter 7 bankruptcy can eradicate debts. Debtors can keep property known as “exemptions,” which can include up to a certain dollar amount of property.

Chapter 11 is a reorganization bankruptcy that gives the company time to restructure its debts. It is common for corporations, partnerships and limited liability companies to file for this type of bankruptcy.

Chapter 13 is also a reorganization bankruptcy in which the debtor files a plan to repay debts over three to five years. This allows repayment time without creditor harassment.  If you are behind on debt for the time being but will have the opportunity to get caught up, Chapter 13 may be the best option for you.

Working with Creditors

Kepple Law attorneys also represent creditors in bankruptcy. If you are a creditor, we can help you with the following:

  • Filing proof of claims
  • Objecting to the discharge of debts
  • Resolving disputes regarding liens or foreclosures

At Kepple Law, our attorneys will help you determine which decision will be best for the future of you and your family or business.  We are dedicated to serving the Peoria, East Peoria, Pekin, Washington, and Morton communities.  Contact us today to discuss your unique legal needs.

Please also visit Bankruptcy Law Peoria for additional help as you move forward with this process.