What Can You Expect Once You File for Bankruptcy?
Besides mountains of paperwork and documents to fill out, you need to be prepared for the incredible amount of time and effort that goes into filing for bankruptcy. For example, everyone who files for bankruptcy must attend an extensive credit counseling session with a court-approved counseling service, per the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Next, you will need to decide which type of bankruptcy works best for you. The two main categories areChapter 7 and
Chapter 13 bankruptcy. The former allows you to clear all of your debt, while the latter creates a repayment plan that will make it easier to pay down your debts. While Chapter 7 bankruptcy is clearly the more preferable option it is also more difficult. Individuals who try to file for this bankruptcy type must prove that their income is under that of the average state income and absolutely cannot pay off their debts.
If you're planning to file for consumer bankruptcy, contact us to work with a
Chicago bankruptcy lawyer.