Key Things to Know About Chapter 7

Are you curious about Chapter 7 bankruptcy? 

In order to get approved for this type of bankruptcy you must file a voluntary petition, schedule of income and expenditures, a schedule of assets and liabilities, proof of income, as well as proof of meeting the pre-filing credit counseling requirement. 

It is important to hire a bankruptcy attorney to walk you through this process. If you plan on filing as part of a married couple, you can both file joint petitions. Once you have filed the petition, an automatic stay will take effect. This means that, temporarily all collection attempts will be stopped, foreclosures and repossessions are held off, and creditors cannot harass you. This is a legal injunction that creditors must obey; if there is a violation, your attorney can file a complaint and damages could be paid to you.

As soon as 20 to 40 days after filing the petition, you will schedule a meeting with your trustee and creditors. At this meeting you must bring your social security card and a photo ID, as well as any additional documents that the trustee has requested. 

Have additional questions about Chapter 7?  Contact our law firm to get answers from a Chicago bankruptcy attorney.