Thinking About Bankruptcy? Do This First

Short answer: Talk to an attorney before anything else. The consultation is free and costs you nothing but time. In one conversation you will learn what you qualify for, which debts can be eliminated and which cannot, what it costs, and how the payment plan works — then decide at your own pace.

Get the information before you make the decision

Most people arrive having already spent months researching, and much of what they have absorbed is either wrong or written about a different state. Bankruptcy is federal law applied through local practice and state exemptions, and Illinois specifics matter enormously to the outcome.

An hour with someone who files these cases every week will replace all of it with answers that apply to your actual situation.

What one conversation actually covers

Which chapter you qualify for, and which one is better for you if you qualify for both. Which of your debts can be eliminated and which will survive — recent taxes, most student loans, child support. Whether your home and vehicle are protected under Illinois exemptions.

The filing fee, the attorney fee, the payment plan, and the timeline from filing to discharge. That is a lot of certainty to acquire in one sitting.

You are not committing to anything

A consultation is not a filing. Plenty of people leave, take a few weeks, talk it over at home and decide the timing is not right. Some conclude they can work their way out without filing at all, and I will tell you directly when that is what I think.

The point is to make the decision from knowledge instead of dread.

When waiting is the wrong call

There are situations where speed matters. A vehicle facing repossession. A foreclosure sale date on the calendar. An active wage garnishment taking fifteen percent of your pay every period.

In those cases the cost of waiting is concrete and it accrues weekly. If any of them describe you, make the call now rather than after you have finished reading.

You do not need to become an expert

You do not have to understand everything about bankruptcy to make a good decision. You need to understand the basics well enough to know what is best for you and your family.

That is what the consultation is for, and it is free.

Full transcript of the video

what should I do if I’m considering filing for bankruptcy well the first thing to do is talk to an attorney it’s free for the consultation doesn’t take anything to do it other than time you’re gonna learn a ton of information you’re gonna see what you qualify for what you don’t qualify for what debts can be eliminated what debts cannot you’ll understand the pricing you’ll understand the procedure you’ll understand the payment plan and you’ll just get a bunch of information and knowledge and from there you can take some time and decide whether or not it makes sense for you and your family but that’s the very first thing I would do if you’re considering bankruptcy get an appointment get on the phone with an attorney learn what it’s all about so you have an education on it you don’t have to know everything but you have to know the basics to know what’s best for you

Related questions

• Is filing for bankruptcy a failure?
• Do I qualify for Chapter 7?
• How much does it cost to file?
• Should I wait to file?

About the author. David M. Siegel has represented consumer bankruptcy clients in the Northern District of Illinois since 1991 and is the author of several books on consumer bankruptcy. His offices are in Wheeling, South Chicago, Joliet and Westchester.

This article is general information about Illinois and federal bankruptcy law. It is not legal advice, and reading it does not create an attorney-client relationship. Every case turns on its own facts — speak with an attorney about yours.