Filing bankruptcy in Chicago is not too difficult provided that you have proper representation and a good foundation going forward. You are going to want to find an experienced bankruptcy attorney to assist you in the filing of your chapter 7 bankruptcy case. Do not choose a bankruptcy attorney simply based on the lowest price. You want to make sure that you find an attorney that you can trust, which you have faith in and can follow the advice of.
One of the things that you’re going to want to get together is information concerning your bankruptcy filing. You should collect all of the information regarding your debts. This includes creditors from all sources. If you have a mortgage, you want to make sure you have a statement concerning your mortgage debt. If you are paying for a vehicle, then you want to make sure you have information from your auto finance company. You also want to make sure all miscellaneous bills from all sources whether they be credit cards, medical bills, personal loans or any other type of debt are provided to your attorney.
In addition to providing your bankruptcy attorney with information concerning your debt, you are going to want to provide information concerning your income. Information concerning your income consists of paycheck stubs or other proof of pay advices for the immediate two months prior to filing. In addition to the pay advices, you are going to provide your most recent federal tax return for chapter 7 purposes. You are also going to take a credit counseling session. The credit counseling session is a one hour session held either on the telephone, in person, or over the Internet. The credit counseling company must be approved by the United States bankruptcy court and proof of completion must be sent to your attorney for filing prior to your actual case being filed.
Once you meet with your attorney and provide all the necessary documentation and have completed the required pre-filing credit counseling, your attorney will be a position to file a petition with the clerk of the United States bankruptcy court. Once your case is filed, you will be issued a case number as well as a 341 court date meeting. At the 341 court date meeting, you will appear before a chapter 7 bankruptcy trustee who will ask you a series of yes and no questions under oath. The trustee wants to make sure that all of the information listed on your schedules and petition is true and accurate. The trustee also wants to make certain that there are no non-exempt assets which could be administered to pay your unsecured debt.
Provided you move quickly through your case, from start until finished should be approximately 110 days. Some attorneys are going to want to be paid in full before they will file your case. Other attorneys will file your case without being paid in full. This is known as a t’s known as a post-filing retainer agreement. The post-filing retainer agreement basically breaks down what services are being provided pre-petition and what services are being provided post-petition. By using a post-petition retainer agreement, the attorney will be able to file your case with the bankruptcy court prior to your attorney’s fees be paid in full. This is an extreme advantage for the debtor in that they get the bankruptcy relief before having paid in full.
For more information on how you can get out of debt by filing chapter 7 bankruptcy, consult with an experienced bankruptcy attorney in your local area. You can reach my office directly at 847-520-8100. The first consultation is always free and we are available six days a week to assist you.
