How does somebody go about filing for bankruptcy through a LaGrange Park bankruptcy lawyer? If you want to start a bankruptcy proceeding, you must first consult with a bankruptcy attorney in your local area. The bankruptcy attorney is going to make sure that you qualify for relief under either Chapter 7 or Chapter 13 of the bankruptcy code.
The bankruptcy lawyer is likely going to have you fill out a bankruptcy questionnaire which is a multipage document which basically lists all of your assets, all of your liabilities, it shows what you make per month, what you spend per month and basically what your statement of financial affairs is in terms of income in the last three years and whether you owned a business or not.
The purpose of the bankruptcy questionnaire is to give the bankruptcy attorney an idea of whether or not you should be filing either a Chapter 7 or a Chapter 13 bankruptcy case. If you are someone who has very little in the way of assets but has a lot in terms of debt then Chapter 7 Fresh Start Bankruptcy is more likely going to be the option for you.
On the other hand if you are someone who has a lot of property that has equity then to file Chapter 13 bankruptcy would be your best bet because you don’t want to lose that property if you file the wrong chapter.
The meeting with your bankruptcy attorney initially should last anywhere from 30 minutes to 60 minutes depending on the speed of the attorney. The attorney will be able to point out different things along the interview process with regard to your case. For example, if during the interview process you acknowledge to the attorney that you have student loans the attorney should automatically tell you that student loans are not going to be eliminated in a bankruptcy case. The same is true for recent taxes. Thus, if you tell the bankruptcy attorney that you have taxes that are due from within the last three years the attorney should automatically tell you that those debts are not going to be eliminated.
The purpose of this initial meeting is two-fold. First, the local bankruptcy lawyer wants to learn about you so that he can make a recommendation on what Chapter you should file on; two, you are basically interviewing the attorney to see if they have the knowledge and the capacity to handle your case. A good attorney who gives advice all along the way during the interview process and doesn’t keep you in the dark is more likely going to be helpful in all phases of your bankruptcy case. So that’s the first step about filing for bankruptcy is that you have to meet with a qualified bankruptcy attorney to learn your rights.