Checklist for a Chapter 7 Bankruptcy

What documents do you need to have if you are filing for Chapter 7 bankruptcy in the Oak Park area? The best way to ensure that you have all required documents and that you are taking all necessary steps for a smooth bankruptcy process is to work with an experienced bankruptcy attorney in Oak Park on your case. In the meantime, however, it is also important to gain an understanding of what is involved in the bankruptcy process, and what information you will need to have in order to ultimately be eligible for a bankruptcy discharge. Take a look at the following checklist to get an idea of the types of materials, documents, and evidence you will need to have a successful Chapter 7 bankruptcy case.

Documents to Start Your Bankruptcy Case

What do you need in order to initiate your Chapter 7 bankruptcy case in Illinois? According to U.S. bankruptcy law, you will need to do the following in order to get your Chapter 7 bankruptcy case started:

  • File your Voluntary Petition for Chapter 7 bankruptcy;
  • Pay your filing fee ($338 for an individual); and
  • File your Certificate of Credit Counseling showing that you have completed your required pre-filing credit counseling.

Documents Due Soon After You Have Filed

The following schedules and other documents are typically due to a bankruptcy court according to U.S. bankruptcy law within one to two weeks after you have filed your bankruptcy petition, and many of them will require detailed information that comes from your pay stubs or tax documents, bank account information, bills you owe, and related documents:
  • List of your creditors;
  • Means test calculation showing that you are eligible to file for Chapter 7 bankruptcy;
  • Schedule of property and exempt property under Illinois law;
  • Schedule identifying creditors who have secured claims;
  • Schedule identifying creditors who have unsecured claims;
  • Schedules identifying any co-debtors;
  • Schedule identifying your current income;
  • Schedule identifying your current expenses;
  • Details concerning your assets and liabilities;
  • Statement of Financial Affairs; and
  • Statement of your current monthly income.
While the majority of major schedules, statements, and documents are required at the time of your bankruptcy filing or soon after, it is important to know that there is another major requirement within 60 days following the 341 Meeting of Creditors. That document is the certification that shows you have completed a financial management course, which is distinct from the pre-filing credit counseling. This is another course that you will need to complete, and it must be completed after you have already filed for bankruptcy.

Contact an Oak Park Bankruptcy Lawyer Today

The process of filing for Chapter 7 bankruptcy is extremely complicated, and there are many nuances to U.S. bankruptcy law. While some people do file for bankruptcy on their own without the help of a lawyer, it is essential to keep in mind that this is a complex area of the law, and it is often critical to have an experienced Oak Park bankruptcy attorney on your side. Contact the Emerson Law Firm to learn more about Chapter 7 bankruptcy requirements and how we can assist you with your case.

See Related Blog Posts:

Learning About Recent Consumer Bankruptcy Trends

Get an Overview of Consumer Bankruptcy

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