Chicago Bankruptcy Lawyer

Chapter 7 and Chapter 13  

As a Chicago Bankruptcy Attorney practicing for over ten years I have been helping hardworking Chicago area people successfully navigate through the bankruptcy process. My practice is 100% dedicated to handling only consumer bankruptcy matters. Over 8000 Illinois residents have entrusted my law firm with their chapter 7 and chapter 13 bankruptcy cases and I will apply this experience to your case. My office prides itself on fast, detailed, personal service. There are many different aspects to a bankruptcy case. If you have any questions while exploring this site or would like to schedule a consultation please feel free to call my law firm. An experienced Chicago Bankruptcy Lawyer can help you explore all available options. Our Lawyers are admitted to the Illinois bar, United States District Court for the Northern District of Illinois and are members of the National Association of Consumer Bankruptcy Attorneys. We have an A+ rating with the Better Business Bureau. 

 Chapter 7 Bankruptcy 

The goal of Chapter 7 bankruptcy is to receive a discharge or forgiveness of your dischargeable debts. Debts which are dischargeable typically include credit cards, medical bills, foreclosure and repossession balances, personal loans, payday loans. Debts which are typically not dischargeable include child support, student loans, tickets, code violations and most taxes. The debtor receives a discharge of all dischargeable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick "fresh start". One of the main purposes of Bankruptcy Law is to give a person, who is hopelessly burdened with debt, a fresh start by wiping out his or her debts. By law all actions against a debtor must cease once the documents are filed. This includes lawsuits, wage garnishment, telephone collections, utility disconnects. Typical debts which are discharged include credit cards, medical bills, utilities, unsecured judgments, repossession, personal loans, payday loans. Typical debts which are not discharged include, child support, student loans, tickets and most taxes. Debtor's must continue making payments on secured debts they are keeping such as house and car.

Chapter 7 Bankruptcy - Process 

 You meet with a Chicago bankruptcy lawyer. Your lawyer gathers your financial history and prepares documents including a bankruptcy petition, chapter 7 means test, schedules, statement of financial affairs, declaration regarding electronic filing to be filed with the United States Bankruptcy Court. You review and sign all documents to be filed with the court. You take a court required credit class over the phone or internet. Your petition and schedules are filed electronically by Gleason and Gleason. After your case is filed, the U.S. Bankruptcy Court notifies all creditors of your bankruptcy filing via mail. Bankruptcy Law Firm You take a second and final mandatory debtor education class over phone or internet. About one month after your case is filed, your Chicago bankruptcy lawyer and you attend a hearing known as a "341" bankruptcy meeting with a hearing officer known as a trustee. The trustee generally reviews the bankruptcy petition and verbally asks the same questions asked in the paperwork. About two to three months after the bankruptcy meeting you typically receive a "discharge of debts" letter. 

What to bring to your Chapter 7 Consultation 

If you file federal income taxes we need your most recent 1040 tax return . We need copies of all paycheck stubs or income statements from the last two months. Please bring bills or make a list for debts such as payday loans, recent medical bills and government debts as they usually do not show up on credit reports. Please bring first payment of $400.00 so we can move forward if you choose to. If you choose not to file, there is no charge for the consultation. 

Chicago Chapter 13 Attorney 

 Chapter 13 bankruptcy is a court supervised repayment plan. Chapter 13 bankruptcy is filed by people who want to pay off their debts over a period of three to five years. A chapter 13 bankruptcy case can be filed if you are behind on your mortgage or car note and want to make up the missed payments over time and reinstate the original contract. A chapter 13 can be filed for those who make too much to qualify for chapter 7 or are not able to file for chapter 7 because of a prior case. As chapter 13 is a 3 to five years case it is more expensive than chapter 7. However most of the attorney fees can be included in the plan. Our lawyers can give you a quote over the phone. 

Chapter 13 Bankruptcy Overview

Much of the procedure for Chapter 13 is very similar to a Chapter 7 Bankruptcy case. However, you begin making payments 30 days after the case is filed. Approximately one month after your Chapter 13 case is filed you have a meeting with the trustee. Approximately 1 month after that the Bankruptcy Court plan is approved or confirmed by the U.S. Bankruptcy Court and you continue making regular payments for 3 to 5 years to the Chapter 13 trustee who then distributes the funds to your creditors. Upon completion of the plan payments you typically receive a discharge unless you filed a chapter 7 in the four years prior to the case being filed. 

Documentation Needed to File a Chapter 13 Case 

  In order to file a Chapter 13 case, we need your last 4 tax returns and all paychecks, benefit statements for the last 6 months. We also need copies of your bills or a list of who you owe.