Bankruptcy cases cannot be filed immediately states Summit bankruptcy attorney. There are specific things that we need prior to filing. In general, once we have the credit counseling, the most recent federal tax return, and the two months’ worth of paycheck stubs, and as long as our fees are paid in full, we can then file that Chapter 7 bankruptcy case. A Chapter 7 bankruptcy case is filed electronically through the Clerk of the U.S. Bankruptcy Court website. At the time of filing, the Clerk of the U.S. Bankruptcy Court will issue a case number, a 341 meeting court date and time, and location. This notice will be sent by the Clerk of the U.S. Bankruptcy Court to all creditors, to the debtor, and to the debtor’s Chicago bankruptcy lawyer. Once I receive that notice, I will also send a letter to my client, indicating the date, time, and location of that 341 meeting of creditors.
At the 341 meeting of creditors, my client is instructed to bring a photo I.D. and proof of his Social Security number. The trustee is going to want to interview the debtor under oath based on the information provided in the bankruptcy petition. The Chapter 7 bankruptcy trustee has a duty to administer any non-exempt assets for the benefit of unsecured creditors or for creditors. In the overwhelming majority of people who file Chapter 7 bankruptcy, there are no assets that could be administered for the benefit of creditors. If there were assets to be administered, the bankruptcy attorney would likely recommend that the individual file for Chapter 13 and not for Chapter 7.
Prior to the 341 meeting of creditors, your bankruptcy attorney will send the most recent federal tax return and the two months’ worth of paycheck stubs to the Chapter 7 trustee for review. This way the trustee has the information prior to the meeting and can inquire regarding the paycheck stubs and/or the tax return. The actual meeting before the trustee will last anywhere from five to ten minutes with most likely a finding of no assets by the trustee. A finding of no assets means that the trustee is not seeking to take any property, sell it, and pay any creditors a pro rata share. This is the result that you are looking for from the trustee. You do not want any of your assets to be taken. You do not want the trustee to be looking into selling any of your property. The above result is exactly what you and your Illinois bankruptcy lawyer are looking for getting.