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Illinois Bankruptcy & Debt Relief Attorneys

Chicago Bankruptcy Lawyers

Once you have decided that filing for bankruptcy is the best option for you, you will file a petition with the federal bankruptcy court in the district where you have lived for the past 180 days (or where you have lived for the majority of the past 180 days if you have lived in more than one place).   You may also file for bankruptcy in the district court where you own assets, such as real estate, or where you have operated a business within the previous 180 days.  The experienced Chicago bankruptcy lawyers at Loop Bankruptcy, a service of Lakelaw, can help you with the entire bankruptcy process from start to finish. 

In order to file for bankruptcy, certain requirements must be met.  First, you must complete a consumer credit counseling course with an approved non-profit credit counseling agency, which are typically completed online but may be completed in person or over the telephone as well.

Filing for bankruptcy will generally prohibit your creditors from contacting you.

When you file for bankruptcy, you must make a full and complete disclosure of all of your assets and liabilities.  You may not omit an asset or liability because you think that it lacks value or because you do not want to disclose a particular credit.

Once you have made the decision to file bankruptcy, you should stop using your credit cards and incurring additional credit since any recent purchases or advances may not be discharged in the bankruptcy.  You must also make certain to file your most recent tax returns and you will be asked to provide the most recent pay stubs from the previous 60 days.

Contact us now for a Free Consultation and let us help you stop your creditors from harassing you.

(866)525-3529 Chicago, Cook County, Lake County

Immediately upon filing your petition for bankruptcy with the court, an automatic stay is in effect.  The automatic stay prevents creditors from taking certain collection actions against you, including contacting you by telephone, filing a lawsuit against you or proceeding with any existing lawsuits against you, attempting to repossess property, initiating or proceeding with foreclosure proceedings, garnishing wages or recording any liens or judgments against you.

The automatic stay does not apply, however in certain instances. For instance, criminal actions and lawsuits to enforce child support or spousal support obligations are permitted to proceed against you even after filing for bankruptcy.

There have several recent changes to the scope of the automatic stay in recent years. Consult with our experienced lawyers at the respected Chicago bankruptcy firm Loop Bankrupty in order to better understand the protections that bankruptcy affords you.

 Contact us now for a Free Consultation.  (866)525-3529