So you’re thinking of filing for bankruptcy protection. You have no idea what may be involved in a filing so you start to search the internet for the bankruptcy facts. You search may land you on a page where you locate a Chapter 7 bankruptcy attorney. Here’s what you should do next: take the time to meet, in person, with the attorney that you have contacted. Get a feel for his office, his staff, and his personality and see what type of feeling you get. If you feel comfortable, find out more about filing bankruptcy. If you do not have a good feeling, simply advise the attorney that you will think about it and explore other options for assistance.
Please keep in mind that there are all kinds of bankruptcy advice floating around. If you go to several different attorneys, you are likely to hear several differing opinions on how to prosecute your case. Remember that there is often more than one way to handle a case. For example, some attorneys will scrutinize your debts to look for possible non-dischargeability actions. Others will simply gather your bills, quickly put together a bankruptcy petition, and have you sign it. You probably want an attorney who is somewhat in between the two examples above. You obviously want someone who is diligent, yet not too diligent to the point that your case moves too slowly.
Your Chicago bankruptcy lawyer will appear with you at your court date. This is where a Chapter 7 trustee examines you under oath. He will ask questions concerning the information that is listed on your petition. He may ask if you’ve even owned real estate property, whether you intend on inheriting money in the next six months, and whether or not you have given away or sold an item for less than its fair market value. These are all questions that a good trustee will ask of a debtor. Otherwise, fraudulent transfers can occur and go undetected.
Although I am writing about Chapter 7, you should check out all of your bankruptcy options. You may be best served with a Chapter 13 repayment plan. It really depends upon what you are trying to accomplish. If you are trying to save a home in foreclosure, then Chapter 13 would be a better option. Chapter 7 will only delay a foreclosure proceeding, it will not solve it. You may also have the option to file a Chapter 13 and then convert the case at a later to date to one under Chapter 7. Your attorney will be able to explain the intricacies of each chapter. Be certain to ask specific questions. Your attorney should be happy to assist you in explaining the differences.