There is no doubt that the continuing recession has played a large part
in the increase in bankruptcies across Illinois. There is also no doubt
that you are not alone. A Chapter 7 bankruptcy may be the solution that
you have been looking for in your search for freedom from financial debts.
There are three important steps that you will have to take when you are
thinking about filing for bankruptcy in Chicago, Illinois:
1. Eligibility For Bankruptcy
Your eligibility for bankruptcy is determined, in conjunction with your
local bankruptcy attorney, by the Means Test, which measures your income
and your debts according to the state median income. If you are unable
to service your debt or your income is under the state median, then you
will be eligible for a Chapter 7 or a Chapter 13 bankruptcy. You will
also have to complete a recognized Credit and Debt Counseling Program,
which is approved by the United States Trustee’s Office. Your local
attorney will be able to assist you through the process.
2. Filing For Bankruptcy
There is a certain amount of paperwork involved in filing for a Chapter
7 bankruptcy and while you can do it alone, the point of having an experienced
local bankruptcy lawyer on your team is to make sure that you get through
the process as fast as possible. There are a number of rules governing
a Chapter 7 bankruptcy and an attorney will ensure that you complete it
correctly and not cause any delays which could cost you time and money
in terms of a foreclosure or legal judgments against your name.
3. Court Appearances For Your Chicago Bankruptcy
As soon as your bankruptcy attorney has filed your bankruptcy petition,
you will have a trustee appointed to your case to oversee and disbursements
of your debt and to organize a systematic way of dealing with your creditors.
This is where it is so important to use a local lawyer to ensure that
you do not lose your home of your vehicle.
Chapter 7 bankruptcy code you will not be required to pay the trustee of your case and the outcome
of the case will be to receive a full discharge of most if not all of
It is important to remember that bankruptcy is not the end of the road
for you or your family. It is the start of a brand new future of financial
freedom. The biggest step is facing the fact that you are in debt and
that you cannot manage on your own. The courts, the laws and the justice
system are there for the people and with a local Chapter 7 bankruptcy
attorney on your side you will be able to emerge triumphant.