I Want to File for Bankruptcy: What Now?

Over the past several months or even years, you might have been considering your options for consumer bankruptcy. Perhaps you have looked into options for Chapter 7 bankruptcy and Chapter 13 bankruptcy, and you feel certain that personal bankruptcy is the best option for you to get a handle on your debt and to rebuild your finances. Maybe you are planning to file for a liquidation bankruptcy under Chapter 7, or you are hoping to file for Chapter 13 bankruptcy because you want to rely on the automatic stay to prevent foreclosure on your home. Or, perhaps you do not know for certain which chapter of bankruptcy is right for you.

If you want to file for bankruptcy, it is critical to seek advice from an Oak Park bankruptcy attorney since everyone has a distinct set of facts in their case. However, we can provide you with more information about the basic steps you will need to take once you determine that you want to move forward with a bankruptcy filing.

Hire a Bankruptcy Lawyer to Assist You With Your Case

Consumer bankruptcy cases are extremely complicated, and you should not attempt to file for personal bankruptcy on your own. Both Chapter 7 and Chapter 13 bankruptcy have a wide variety of requirements, from necessary documents and forms you must submit under the U.S. Bankruptcy Code to hearings and appearances before a judge and creditors before you can be eligible to have your bankruptcy case finalized or your debts discharged. An experienced attorney can help you through this difficult and complex process, and can make sure that you file all necessary materials and attend all required hearings in an appropriate and timely manner.

Determine Your Eligibility for the Chapter of Bankruptcy You Plan to File

Are you planning to file for a Chapter 7 bankruptcy in order to discharge debt relatively quickly while having all of your non-exempt assets discharged? Or are you planning to file for Chapter 13 bankruptcy in order to enter into a debt reorganization plan that will last for anywhere from three to five years in order to get back on track with debt payments and, if necessary, to stop a foreclosure proceeding on your home? In order to file for Chapter 7 or Chapter 13 bankruptcy, you will need to be eligible.

The eligibility requirements are quite different from Chapter 7 bankruptcy to Chapter 13 bankruptcy. For Chapter 7 bankruptcy, you will need to be able to prove that you can pass the “means test” by showing that you do not have enough assets or income to repay your debts over time. For a Chapter 13 bankruptcy, you will need to be able to prove that you earn enough money that it is reasonable to expect that you will be able to pay your debts over time.

Make Sure Your Debts are Eligible for Discharge

Before you begin gathering all of the paperwork and other documents or materials you will need for your bankruptcy filing, you will want to make sure that the debts you are planning to discharge are actually eligible for discharge under U.S. bankruptcy law. Some debts are nondischargeable, but a bankruptcy lawyer can closely assess your debts to inform you about whether or not they are likely to be discharged in a personal bankruptcy case.

Contact an Oak Park Bankruptcy Attorney Today

Are you planning to file for bankruptcy? One of our Oak Park bankruptcy attorneys can speak with you today about your case. Contact the Emerson Law Firm for more information about consumer bankruptcy and your options for discharging debt.


See Related Blog Posts:

Consumer Bankruptcy Myths: Part I

Consumer Bankruptcy Myths: Part II

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