Going To Bankruptcy School

If you file for bankruptcy in the Chicago area, you might want to stock up on some school supplies first, because you’ll need them. One of the conditions for bankruptcy in Illinois is that you have to go to school. Prior to bankruptcy you’ll be required to complete credit counseling, and after you file for bankruptcy, you’ll have to take a “debtor education” course. But before you file for bankruptcy in the Chicago area, talk first with an experienced, Chicago-based Illinois bankruptcy lawyer.

Approved agencies in Illinois offer credit counseling in classroom settings, online, and even over the telephone if necessary. Illinois residents filing for bankruptcy are also required to take a debtor education course after filing for bankruptcy but prior to your discharge. Debtor education is designed to teach you how to avoid having to file for a second bankruptcy. Lesson topics include how to manage a budget, use a credit card wisely, and deal with unanticipated financial needs.

The Department of Justice’s U.S. Trustee Program approves the agencies that provide the credit counseling and debtor education required for anyone filing for personal bankruptcy. Only counselors and educators that appear on the Trustee Program’s list can advertise that they are approved to provide the required counseling and debtor education. A number of approved agencies offer the credit counseling and debtor education online and in classroom settings in the Chicago area.

If you are considering bankruptcy, discuss your rights and options with an experienced, Chicago-based Illinois bankruptcy lawyer. Bankruptcy is not the best option for everyone who struggles with debt, but if it’s right for you, a good Chicago bankruptcy lawyer can protect your legal rights and as much of your assets as the law allows. If you’re even considering bankruptcy, consult with an experienced Chicago bankruptcy lawyer as quickly as possible.