The Bankruptcy Process

Filing for Bankruptcy in Chicago?

The bankruptcy process is a complex set of steps that involve a great deal of paperwork and filings. With the help of a Chicago bankruptcy attorney, you can be guided through the bankruptcy process and timeline and all the necessary paperwork and filings will be prepared carefully. The first step that is required is credit counseling through an accredited service. This can often be done over the internet and the legal team at the Law Office of Marc Wagman can provide you with options about where to go for the prepetition counseling. Many of these counseling groups have been known to advise a bankruptcy petition after reviewing the situation.

Chicago Bankruptcy Lawyer

Meeting with the client to advise how to move forward is the simplest and easiest way to understand the process. An attorney from the Law Office of Marc Wagman will outline each step and what information must be gathered for the process to be initiated and will create the petition for the client. It is not an easy process, and with recent changes in the law, it has become even more complex. The Means Test is the next step that is required, as this is the test that determines if you qualify to file Chapter 7 (discharge of debt) or Chapter 13 (reorganization). Doing the Means Test without assistance is not advisable, as answering incorrectly can result in being denied the opportunity to file bankruptcy.

There is a process in which all of your financial information including all assets and liabilities is gathered and submitted, and this also must be carefully prepared. You will be asked to provide certain documentation about your assets and your liabilities, and everything will be carefully discussed and you will be fully informed as the process moves forward.

There will be a hearing and this is when the bankruptcy is on the path to final resolution. There is 60 days after the hearing in which a discharge of debt can be challenged, but it rarely is. After that period of time, the bankruptcy is complete, and your debt is discharged. The process is similar in Chapter 13 bankruptcy, but the result is that you have a 3 - 5 year window in which to pay off back debt, and the plan is organized and proposed and then finalized. Many of the outstanding debts have the possibility of being reduced or renegotiated during this time, and the bankruptcy attorney from the firm can provide you with the negotiating skills to fight for reduction of principal.

Contact a Chicago bankruptcy attorney from the Law Office of Marc Wagman if you are seeking a high quality and personal approach to your financial problems through bankruptcy filing or other legal action.