If you or someone that you know is looking for a Burnham bankruptcy lawyer, please keep this in mind. In order to file your case, you will need a copy of your most recent pay stubs, more specifically from the last 60 days. You will need your last filed tax return, the 1040 and you will have to complete a credit counseling course and we will need the certificate. You will need a valid ID and a valid Social Security number. You will also have to appear at a meeting of creditors. Below is what will happen at the meeting.
About 30 days after you file your case, you will appear in front of your trustee in order to go over your petition and your bankruptcy plan to make sure that it is feasible, that it will work, that you will be able to pay off all of your debt within the 60 months. The trustee will go over all of the claims that were filed; they will ask you basic questions about your income, your expenses and your debt.This also provides a chance for your attorney to talk with the trustee in order to resolve any issues that need to be resolved so your case can be confirmed and you can succeed in your Chapter 13 bankruptcy. Remember that any case filing in Illinois is to be considered an Illinois bankruptcy case for statistical purposes.
You might find that creditors are suing you prior to filing. If so, they are suing you in order to obtain a judgment. Once you file bankruptcy, the automatic stay automatically goes into effect and stops the litigation right in its tracks. Creditors will not be able to obtain any liens against your property or garnish your wages. This is one of the most powerful tools of bankruptcy and the automatic stay goes into effect immediately upon filing and will cease any ongoing wage garnishments or litigation against you.
If Chapter 7 is not right for your situation, you may have the option to file Chapter 13 through your Chicago bankruptcy lawyer. Chapter 13 is a reorganization of your debt into a single payment that is deducted from your paycheck. Chapter 13 can also be called credit consolidation through the federal government in which you will make one monthly payment to the trustee over the next 3 to 5 years in which you will pay back 100% of your secured debt and a percent anywhere from 10% to 100% of your unsecured debt; and whatever portion of your unsecured debt that you do not pay back at the end of your Chapter 13 will be discharged by the court.