Filing bankruptcy is a serious decision that should only be made with help of an attorney. Most people aren’t really sure what to expect when they start the filing process. In most cases a person that files without the help of an attorney will make a minor mistake on their paperwork, delaying the process or forcing the debtor to begin again. There are several steps to Bankruptcy In Chicago and the first step should be to contact an attorney. AN attorney can help their client navigate the filing process, making go as quickly and smoothly as possible. Having an attorney to explain what to do and what details are needed in the paperwork will assure that the application is accepted the first time.
Before the application and filing process begins the client must take the means test. This is a test that determines if the client is eligible to file bankruptcy, and if so which chapter. There are two main chapters of bankruptcy. Chapter 7 is a kind of liquidation. The client must sell non exempt property in order to help recover as much money as possible for creditors. What ever property is exempt will be left to the debtor, and the rest of the debt will be discharged. Chapter 13 is very different. The debtor doesn’t have to sell off any of their property, but they will have to pay back all or most of the debt. A payment plan must be arranged between the debtor and their creditors. If the debtor fails to meet their obligation they face legal penalties.
When it comes to filing Bankruptcy In Chicago the most important step in the filing process is to contact an attorney. An attorney will make the legal obligations of the client easy to understand. This makes it easier for the client to start recovering from their debt and start to rebuild their life. Once the filing process is complete there is a stay of action against the debtor. From that point on the attorney will be talking to any debt collectors or creditors, making it easier for the client to start moving on with their life. Visit our website for further information.
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