How does someone go about filing for bankruptcy is a frequent question asked of this Bridgeview bankruptcy attorney? The first step in thinking about filing for bankruptcy is whether or not you really need a fresh start, whether or not you want to consolidate your debt, or whether or not you just want to repay your bills and work out some sort of deal with your creditors.

    If you’re struggling financially and you don’t think that you can bail yourself out, then consider a Chapter 7 bankruptcy. Filing Chapter 7 bankruptcy is a fresh start bankruptcy. It’s the most common form of bankruptcy, and it’s the type of case that wipes out unsecured debt such as medical bills, credit card bills, personal loans, utility bills, auto repossession deficiencies, and mortgage foreclosure deficiencies. Chapter 7 is utilized mostly by individuals, although it does apply for businesses as well. A person can file a Chapter 7 bankruptcy as an individual, or a couple can file as a bankruptcy case jointly. In order to file for a joint bankruptcy case, the individuals must be married. Chapter 7 could be accomplished by visiting with a local bankruptcy attorney in your area and discussing your financial situation. If you go into the meeting with the desire to know how to claim bankruptcy, the attorney should be able to provide you with that information.

    When I meet with a potential bankruptcy client, I like to interview them. I need to find out what they have in terms of assets, what they have in terms of liabilities, what they have in terms of income, and what they have in terms of expenses. I also need to know as their attorney whether or not they have filed a bankruptcy case before and, if so, under which compete of the Bankruptcy Code. I also want to make sure that that person has not given away or sold anything for less than its fair market value in the last year. I need to know if that person has transferred any property of any sort in the last four years, I need to know if that person has used their credit cards in the last 90 days, and I need to know all about the property that the debtor may have or property that somebody might be holding of the debtor’s. Once I have gathered all this information, I will be able to make an educated analysis of which chapter is best and what type of relief that chapter is going to be providing. The bankruptcy advice that I provide is my stock in trade. I want my advice to resonate with prospects and clients alike.

    Posted in Illinois Bankruptcy |