How does one go about having a successful bankruptcy case? If you want to have a successful bankruptcy case you first must listen to the advice and counsel of your Volo bankruptcy lawyer. Your attorney has been practicing bankruptcy law hopefully for many years and knows the ins and outs of bankruptcy law.
Your attorney will be able to advise you on what you need to do to get through your case without issue. For example, you want to list all of your assets and all of your liabilities when you meet with your bankruptcy attorney. When you meet with your local bankruptcy lawyer, this is the time to be completely honest and forthcoming. If you have any type of assets you must disclose those to your attorney. The attorney will either tell you that the assets are protected under Illinois law as exempt or the attorney may tell you that those assets are at risk and you can do some pre-bankruptcy planning to decide on how to handle that.
You also want to list all of the people you owe money to. You want to list people that you owe money to even if you don’t have a specific written contract. For example, if you owe a family member or a friend money, that person must be listed on the schedules and a bankruptcy notice will go to them. If you fail to list a creditor you might run into a situation where that creditor can argue that they were not listed therefore the debt is not eliminated. You must comply with the bankruptcy process and its rules.
In the State of Illinois there is a case that stands for the proposition that as long as the debt was a pre-petition debt then it is eliminated anyway if it wasn’t going to be objected to. However, bankruptcy laws vary from State to State, jurisdiction to jurisdiction so it’s always best to list all of your creditors big and small.
You also want to follow the advice of your attorney in terms of taking the credit counseling session. The credit counseling session in a one-hour session that could be done on the telephone, in person or over the computer and it is a prerequisite to filing a Chapter 7 or Chapter 13 bankruptcy.
You also want to take the two-hour financial management class shortly after filing the bankruptcy but prior to discharge. What I do is I send a letter to my clients immediately after the case is filed along with a DVD that they have to watch. This DVD satisfies the two-hour financial management instruction course. I want my clients to take that course prior to the 341 meeting of creditors and bring a certificate or a statement stating that they’ve watched it to that meeting of creditors. This is the type of advice that I provide as a bankruptcy lawyer.