The Bankruptcy Timeline

Chicago Bankruptcy Attorney

Every bankruptcy follows a specific series of steps as they progress. The entire process can vary in length of time, depending upon the type of bankruptcy filing that you do. A Chicago bankruptcy lawyer from the Law Office of Marc Wagman can assist you with filing for bankruptcy and guide you through the complex bankruptcy process and help you to avoid confusion and errors. Some have attempted the bankruptcy filing on their own and suffer from the first step, which is the "Means Test". This test is what determines if you are eligible for Chapter 7 bankruptcy, discharge of debt. If you incorrectly fill out the test, you will be deemed to be ineligible.

Bankruptcy Lawyer in Chicago

In order to file bankruptcy in Illinois, you must have resided in the resided in the district you are filing in for 180 days, otherwise you must file in the district you resided in prior to living here. The first step to take in a bankruptcy filing is the Means Test. This test determines your eligibility for Chapter 7 (discharge of debt) bankruptcy. Those who are not eligible for Chapter 7 or who do not choose this form of bankruptcy, may choose to file Chapter 13 bankruptcy, or reorganization of debts. How you fill out the means test should be assisted by one of the bankruptcy lawyers at the Law Office of Marc Wagman in order to ensure that your full financial situation is fully disclosed as it is illegal to withhold any information when filing bankruptcy. How the debt/asset ratio is determined should be carefully answered, as you may be eligible for Chapter 7 but did not know how to properly fill in the test. Once you are declined, you have lost your opportunity to file.

After the filing, the procedure takes several months. During this time, the creditors are alerted and the calls, letters and other attempts to collect debts come to an immediate end. A voluntary bankruptcy filed stops creditor harassment. They can only send letters to the address that is on your bankruptcy filing. A list of creditors and the payment for the bankruptcy filing must accompany the bankruptcy filing. There is other vital financial paperwork that is required to accompany the filing, which the attorney can help you to prepare.

Approximately 7-10 days after the filing, the creditors are all notified by mail of the bankruptcy filing. You will also receive a notice telling you when you are to appear in bankruptcy court. You will be in court with the lawyer from the Law Office of Marc Wagman at your side to advise you.

Approximately 30 days after the filing you must file a legal paper indicating which debts you have that you are going to continue to pay. This could include your car payment or other asset that you need in order to work. About 30 days after the filing, the court date is held. All creditors can attend, although they rarely show up. This is when the bankruptcy moves forward and the debts start the process of being discharged. There are further actions that can occur, such as creditors disputing your right to discharge a particular debt, which they must do within 60 days of the meeting of creditors. After the 60-90 days, the debts are discharged.

The procedure requires a great deal of paperwork, all filed correctly and in a timely manner. One should always get a skilled bankruptcy attorney from the Law Office of Marc Wagman to assist with this procedure and avoid the pitfalls and errors that can occur when you do not have legal representation.

Contact a Chicago Bankruptcy Lawyer from the Law Office of Marc Wagman if you are considering filing for bankruptcy in Chicago.