The Bankruptcy Process

Bankruptcy in Dupage County, Illinois

Bankruptcy is a legal process that involves a number of steps in order to ensure that the petition is properly filed, the case is successfully completed, and the individual’s debts are finally discharged. Depending upon whether you file a Chapter 7 or Chapter 13 bankruptcy case, it may take 6 months to 5 years to fully complete the case, respectively. It is absolutely crucial that you consider working with an attorney when filing for bankruptcy. Although legal representation is not mandatory in filing for bankruptcy, it is highly recommended in order to help ensure the petition is filed properly and all aspects of the case are properly completed. Incorrectly filing a bankruptcy petition may result in the dismissal of your case and ineligibility to file for extended time period. Fraudulently filing a bankruptcy petition may result in serious bankruptcy fraud charges.

While the specific process will vary depending upon your case and whether you file under Chapter 7 or Chapter 13, following is a basic outline of what to expect:

Complete credit counseling within 180 days before filing.
Determine whether you qualify for bankruptcy by taking the Chapter 7 means test.
File your petition.
File information with the court regarding all aspects of your personal finances, including income, assets, expenses, liabilities, and more. For Chapter 13, also file a repayment schedule.
(Chapter 7 only) File a statement of intention with the court regarding any debts you wish to reaffirm
(Chapter 13 only) Make your first payment based off the repayment schedule you filed with the court.
Attend a meeting of creditors to testify under oath about the information provided in your bankruptcy petition.
(Chapter 7 only) Within approximately 6 months of filing, the bankruptcy court will formally discharge all unsecured debt.
(Chapter 13 only) After a successfully completed repayment schedule of 3 to 5 years, the court will discharge all eligible debts.
Click here to view a basic timeline of the bankruptcy process.

Consult a Dupage County Bankruptcy Attorney

Learn more about the bankruptcy process and how this may affect you by talking to an experienced Dupage County bankruptcy lawyer at the Law Office of Joseph P. Doyle. Contact our firm today!