Initiating The Bankruptcy Process

If you are thinking about filing for bankruptcy in Illinois, speak first with an experienced Chicago bankruptcy lawyer. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 made several significant changes to the United States Bankruptcy Code. Let an experienced bankruptcy lawyer explain to you the bankruptcy laws and also discuss with you the alternatives to bankruptcy. The 2005 law requires debtors to receive credit counseling in the six months before filing for bankruptcy relief and to complete a financial management instructional course after filing for bankruptcy. To initiate the bankruptcy process, you must itemize:

– your current income sources
– your monthly living expenses
– your major financial transactions for the last two years
– your property (all possessions and assets)
– your debts, both secured and unsecured

You will need to gather your tax returns for the last two years, deeds to any real estate, your vehicle title documents, and the documents pertinent to any outstanding loans. After assessing your finances and speaking with you personally, a good bankruptcy lawyer will be able to recommend Chapter 7 bankruptcy, Chapter 13 bankruptcy, or an alternative to bankruptcy such as direct debt negotiation. If bankruptcy is your option, at that point you’ll be able to determine which property you believe is exempt from seizure based on the Illinois exemptions. Those exemptions are complicated and your lawyer will explain the details that apply to you, but rest assured that you’ll be able to keep at least some of your important possessions.

In the Chicago area, if you face mounting debts that you simply will not be able to pay, don’t wait to get the help you need. Get that help now. Call today to arrange a consultation regarding your debts, your rights, and your legal options with an experienced Chicago bankruptcy lawyer. Help is here, but you must take the first step and make the call.