ChicagoBankruptcyLawyersAttorneys

Palatine bankruptcy lawyer David Siegel states that before a Chapter 13 bankruptcy case can be filed, you must submit to a credit counseling session.  A credit counseling session is a half-hour or one hour on the computer, phone or in person with a credit counselor approved by the Office of the United States Bankruptcy Court.  The credit counseling session is basically a fact-finding situation where you list what you have in terms of assets, liabilities, income and expenses.  You must take the credit counseling session prior to your case being filed.  Additionally, you must submit four year

Palatine bankruptcy attorney David Siegel states that after your Chapter 7 bankruptcy case is filed but before it goes to discharge, you have the requirement of taking a two hour financial management instruction class.  The two hour financial management instruction class can be done online, in person or over the telephone in certain circumstances.  The purpose of the two hour financial management class is to educate you so that you don’t fall back into debt in the future.  Although you can’t learn everything about personal finance in a two-hour session, the government felt that

According to Chicago bankruptcy attorney David Siegel, there are several pre-filing requirements that must be satisfied.  For example, before a case can be filed under Chapter 7 in the United States Bankruptcy Code, the debtor must submit to a credit counseling session.  The credit counseling session is a half-hour or one hour on the telephone or in person or on the computer whereby a credit counselor will ask specific questions concerning your assets, your liabilities, your income and your expenses.  The purpose of the credit counseling is to determine whether or not you qualify for a bank

According to Mundelein bankruptcy lawyer David Siegel, the meeting of creditors is a meeting between the trustee, the debtor that has filed the bankruptcy case and any creditors that decide to show up for this meeting.  At this meeting the debtor will be questioned under oath by the trustee in the case regarding the bankruptcy petition and its truthfulness and accuracy.  In many cases, creditors will not show up to question the debtor even after they have been given notice. 

Chapter 13 bankruptcy lawyer David Siegel states that Chapter 13 allows a person to reorganize their debts and pay back creditors on a monthly payment plan for a period of 3 to 5 years.  During the Chapter 13 repayment plan, the person is protected by the automatic stay in bankruptcy meaning that the person who filed the Chapter 13 bankruptcy will be protected from any lawsuits, communications or collection efforts from the creditors trying to collect on debts owed to them.