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File a Chapter 7 Bankruptcy in Chicago

Bankruptcy laws facilitate citizens of Chicago – who can no longer reimburse their creditors, get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also guard concerned businesses and provide for organized distributions to business creditors through reorganization or liquidation.
Some bankruptcy cases are filed to allow a debtor to restructure and establish a new plan to repay creditors, while other cases involve liquidation of the debtor’s property. Before deciding what kind of bankruptcy to use, it is very important that you identify each option. Here is a way that explains on how to file for chapter 7 bankruptcy.
Steps to file Chapter 7 Bankruptcy in Chicago:
There exists a step by step process involved in filing a Chapter 7 Bankruptcy. You should deem by filing bankruptcy when you cannot pay your bills or when you are involved with certain crisis such as illness, accident or loss of employment making your future payment of your bills difficult unlikely. Also, if a decision is handed down against you, a bankruptcy may be used to stop the creditor from attaching your assets or wages. The following is the process:
1. Consult our bankruptcy attorney in Chicago and complete mandatory credit counseling.
2. Gather paperwork about your finances.
3. Determine how much of your property is exempt.
4. Attend mandatory pre-filing credit counseling.
5. Prepare bankruptcy forms for filing.
6. Make copies of forms and assemble them according to the Chicago court rules.
7. File a petition with the bankruptcy court in Chicago.
8. Go to the courthouse for meeting with court trustee (most likely only once. Much can be done by mail or online).
9. File motions to eliminate liens (learn more law, and more forms).
10. Receive court Discharge Order that officially wipes out your debts.

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