Required Disclosures for a Debt Relief Agency

Disclosures for a Debt Relief Agency in Chicago

Any notices and disclosures for a debt relief agency in Chicago that are required will be handed to the debtor (you) within three business days after the agency agrees to provide services to the debtor, of which a copy must be saved for two years, including the following:

1. A description of Chapters 7, 11, 12, and 13 and their benefits, cost, and general purpose.

2. A summary of the services to be carried out.

3. An explanation indicating any person who fraudulently and knowingly conceals assets or falsely oaths or says a statement under the penalty of perjury in connection with a bankruptcy case might be subject to imprisonment, fines or both.

4. The fact that all information supplied by the debtor that has a connection with the case is subject to be examined by the U.S. Attorney General will be stated.

5. All information provided by the debtor must be accurate, complete and truthful.

6. All assets and liabilities are required to be disclosed in the documents filed to begin the case. This includes each assets’ value after responsible inquiry to establish said value.

7. Current monthly income, expenses and disposable income must be revealed after a reasonable inquiry.

8. Audited information from the debtor without the ability to provide such information can result in the case being dismissed or other sanctions.

9. The debtor is allowed to hire a bankruptcy petition preparer, hire an attorney or present himself.

10. The attorney or debtor should go through and see which form of bankruptcy relief will be most beneficial.

11. A bankruptcy petition, statement of financial affairs, schedules and statement of intention be required and must be prepared correctly.

12. It will be required for the debtor to attend the first meeting of creditors.

13. The debtor may have to reaffirm a debt if they are filing for Chapter 7.

14. It is required for the debtor to repay what they can afford over a three- to five-year period if filing for Chapter 13.

15. It may be required for the debtor to represent himself in bankruptcy litigation. Only attorneys can give legal advice to this, not bankruptcy petition preparers.

16. Information on how to provide the calculation of disposable income, required information, completion of a list of creditors, how to determine exempt property and asset evaluation.

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