Consumer Bankruptcy Checklist

When you are getting ready to file for consumer bankruptcy, it is essential to create a checklist to be sure that you have all materials and documents in place, and that you have all of your bankruptcy plans in order. While bankruptcy checklists may vary slightly depending upon the individual debtor’s circumstances and the type of bankruptcy the debtor is filing for, the following elements will most likely be included on a majority of consumer bankruptcy checklists. While you are working on your checklist, it is critical to begin working with an experienced Oak Park bankruptcy lawyer on your case.

U.S. bankruptcy law is extremely complicated, and making even a minor filing in your petition or during the bankruptcy process can affect your case. As such, you should always work with a bankruptcy attorney from the start. In the meantime, however, the following checklist can help you as you begin to plan for your personal bankruptcy case.

Eligibility and Requirements

First, your checklist should include the type of bankruptcy you are planning to file for and your eligibility for that type of bankruptcy. If you are planning to file for Chapter 7 bankruptcy, you will need proof that you can pass the means test, while for Chapter 13 bankruptcy you will need evidence of your employment and regular earnings, and proof that your debts do not exceed the maximum amounts.

In addition to eligibility, you will need to take a financial course prior to filing for bankruptcy, and you will need evidence of completion.

Debt

You should make a list of every debt you have, even if it is debt that ultimately may not be dischargeable or that you may reaffirm. Your debt checklist should include but may not be limited to:
  • Credit card debt;
  • Student loans;
  • Mortgage;
  • Auto payment;
  • Personal loans;
  • Medical debt;
  • Tax debt; and
  • Family debt.
Assets

In addition to your list of all debts, you should make a list of every asset you own, and you should gather documentation related to assets, such as receipts or invoices, appraisals or valuations, bank statements, investment statements, and any other relevant financial documentation about the assets you own.

Exemptions

Your checklist should consider the Illinois bankruptcy exemptions and any assets you have that you believe may be exempt under the law, such as:
  • Equity in your home;
  • Equity in your motor vehicle;
  • Personal property;
  • Retirement accounts;
  • Veterans benefits; and
  • Personal injury recoveries.
Your bankruptcy lawyer can work with you to determine which assets may be exempt based on the Illinois bankruptcy exemptions.

Contact Our Consumer Bankruptcy Attorneys in Oak Park

If you are considering bankruptcy, or if you are planning to file for personal bankruptcy, it is important to discuss your case with an Oak Park bankruptcy attorney. One of our advocates can learn more about your case and help you to determine your eligibility for Chapter 7 or Chapter 13 bankruptcy, and we can assist you moving forward with your case. Do not hesitate to get in touch with us to find out more about how we can help. Contact the Emerson Law Firm today to learn more about how we can assist you.


See Related Blog Posts:

Options for Keeping Your House in a Bankruptcy Case

How Consumer Bankruptcy Reflects Larger Economic Trends

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