|
PERSONAL BANKRUPTCY:
Chapter 7 - A Fresh Start!
|
|
PERSONAL BANKRUPTCY:
Chapter 7 Overview
Once you have provided us with all the required information, we will schedule an appointment with one of our attorneys. At that appointment you and your attorney will complete all the necessary bankruptcy papers and sign them. Remember, you are signing under oath and penalty of perjury so be sure to revew them for accuracy.
Once your papers are signed we will file them with the bankruptcy court and the automatic stay will go into effect and you will be protected by the bankruptcy court.
Once your case is filed and you have your case number, you should complete the course in personal financial management. This course is the second credit counseling and is very important. You should be sure to provide us with your certificate of completion because we must file it with the court in order for you to receive your discharge.
About one month after your case is filed, you will attend a meeting with a bankruptcy trustee called a "341 meeting" or "first meeting of creditors". This is a strange name because it is the only meeting and creditors rarely attend. At this first meeting of creditors you will be asked a series of standard questions about your assets and liabilities. Don't worry we will be with you at the meeting and you will be carefully briefed on what questions to expect.
About two months after the first meeting of creditors you will receive your discharge, your debts will be wiped out and your case will be closed.
 
WHAT WE DO
|
| We have the knowledge and resources to handle any bankruptcy matter from a simple Chapter 7 to a complex Chapter 11 or workout. |
|
|
|
read more FAQ about Chapter 7 Bankruptcy in Illinois>