Once your Clarendon Hills bankruptcy lawyer has prepared your documents, he will meet with you and have you signed up. Once you have them signed and all the documents you need, the required documents in order to file Chapter 7 bankruptcy are 60 days of paycheck stubs, that would be the 60 days immediately prior to the filing of your case. One year of tax returns, your most recent tax return and you need to acquire a credit counseling course which your attorney should provide a list of providers for you.
When you file the case with the court, something called an automatic stay goes into effect. This is what the bankruptcy claim protection is. It means no one can sue you, no one can garnish your wages, no one can place a lien on your property, no new litigation against you can start, and all litigation against you has to stop. This is what the bankruptcy protection is; it’s very powerful and absolute and goes into effect immediately after the filing of your case.
About 30 days after the filing of your case, you will have what’s called a 341 meeting of creditors. This is where you will meet with your bankruptcy trustee who was a private attorney hired by the court to oversee your bankruptcy estate. I will discuss the 341 meeting of creditors in more detail in a couple minutes. About 60 days after your 341 meeting of creditors, you will have a discharge notice sent to you in the mail and you will be debt free. Now I want to go into a little bit more detail about the bankruptcy process.
What information is attorney made in order to prepare your bankruptcy documents? The most important thing is a list of all your debts and obligations. For instance, if you own your home, he will need to know how much it’s worth; this can be obtained through a comparative market analysis or through several websites services that we can provide for you. How much you all on the home and how much it’s worth; as well as a complete list of bank accounts, retirement accounts and the like, and automobiles and things like that. It’s often a good idea to bring a recent paycheck stub because this will help out your attorney determine whether it or not you qualify for filing Chapter 7 bankruptcy.