Joliet Bankruptcy Attorney David Siegel Answers 2 Common Questions

Joliet bankruptcy attorney David Siegel states that the primary question is whether or not the person should file for bankruptcy protection.  Really, that’s a case by case basis which is an important decision to explore with an attorney.  I think in this country we have somewhat of a disdain for bankruptcy.  We don’t like the word bankruptcy so I think that one big mistake that people make is that they don’t pursue bankruptcy as an option and any time when you get in a bad situation, you should explore all your options and make the best decision. 

One thing to know is that bankruptcy is a compassionate law.  That’s the reason it was written into the law.  Chapter 7 and Chapter 13 bankruptcy is forgiveness, that’s why we don’t let people file all the time.  It was written in by our government who don’t always help us out in order to give people in a bad situation a fresh start or a chance to catch up.

 Whether or not you should file for bankruptcy is definitely a case-by-case basis.  But it is an option worth pursuing for everyone having financial issues. 

The second most common question is how long will this bankruptcy case take?  In Chapter 7 bankruptcy, the case from the date of filing takes approximately 120 days.  From the date of filing, something called an automatic stay goes into effect right away.  This will give you the bankruptcy protection.  It will make people stop collecting against you.  They won’t be able to garnish your wages.  They won’t be able to place a lien on your property.  Like I said, it’s basically what the bankruptcy protection is.

 About 30 to 45 days after that, depending on which county you live in, you will have a short court date.  It’s not really court, just a meeting with the trustee where you’re going to swear to the truth and accuracy of everything in your petition.  And then about approximately 60 days after that, you will get something called a Discharge Notice in the mail and you will be debt free.

 Chapter 13 will take anywhere from 3 to 5 years.  The automatic stay still goes into effect right on the date of filing.  Then you will have a court date about 30 to 45 days after that and they will make one monthly payment to a trustee for the next 3 to 5 years at which point your debts will be discharged.