Understanding Bankruptcy Reform
Welcome to the Michael Williams & Associates P.C. Website. My law firm has been serving the legal needs of Western Illinois and Eastern Iowa for over 36 years, and has helped over 15,000 individuals, families, and small business owners obtain a fresh start. With this extensive experience in the area of Bankruptcy and Debt Reorganization Law, we can help you solve your financial problems, while helping you protect your property to the full extend that the law allows.
After you have reviewed the information on our website about your rights and alternatives, if you still have questions, or wish to make an appointment to review your financial situation, please call my law office at (309) 788-3799. Your initial interview is free and usually takes about an hour and a half. We will review your individual financial situation and advise you of your alternatives. Sometimes persons are not as bad off as they think they are, and if this is so, I will recommend alternatives other than filing for protection under the Bankruptcy Court. I will, however, give you my recommendation as what you should do, and of course the final decision is left up to you. Filing for Bankruptcy protection is an important decision, and you should not be rushed into filing without fully understanding your rights, alternatives and obligations under the law.
Thank you, and I hope you will find our website helpful.
Michael A. Williams
WHY FILE BANKRUPTCY????
Click here to learn why tens of millions have filed bankruptcy and why millions more are considering bankruptcy, right now, even as we speak.
WHAT YOU NEED TO KNOW ABOUT BANKRUPTCY, RIGHT NOW
There are two types of bankruptcy that consumers usually file. "Chapter 7" is a "straight liquidation." Click here to learn more about Chapter 7. In Chapter 7, you file a petition and schedules that list all of your assets and debt with the Bankruptcy Court. You eliminate all debts that are "dischargeable." Click here to learn more about which debts you can discharge, if you file Chapter 7. In most cases, people who file bankruptcy do not lose any of their property to the Bankruptcy Court because the property is "exempt" under state law. Click here to learn more about the exemptions for your state. You may not be able to file Chapter 7, if you have sufficient income to repay your debts in Chapter 13. Click here to learn more about the income requirements for Chapter 7.
"Chapter 13" is a reorganization. In Chapter 13, you reorganize your debts, and you pay them in part or in full over a three- to five-year period of time. Click here to learn more about Chapter 13. Chapter 13 may offer more advantages to you than Chapter 7 does! Click here to learn about the advantages of filing Chapter 13.
Probably the best, short explanation about bankruptcy and what it can or cannot do for you comes from several Disclosures we are required to give to you, before you file bankruptcy. Click here to view the Disclosures.
Let me be clear: I am NOT a high-pressure salesman. There are enough people who truly need to file bankruptcy that I do not need to persuade someone who doesn’t need to file bankruptcy to do so. There are alternatives to Chapter 7 and Chapter 13 and you may be able to avoid bankruptcy, together!
THINGS TO KNOW, BEFORE YOU COME SEE ME
There are some things you need to do, before you file bankruptcy. Click here to learn about the new bankruptcy filing requirements.
There are costs involved in filing bankruptcy. Click here to learn about the costs and fees for filing bankruptcy. There are no "hidden fees!"
You will need to bring some things with you to our initial meeting. Click here to learn what to bring with you for our first FREE CONSULTATION.