Basic information on different
aspects of the federal bankruptcy
laws. It also provides individuals
who may be considering bankruptcy
with a basic explanation of the
different chapters under which a
bankruptcy case may be filed and
answers some of the most commonly
asked questions about the bankruptcy
process.
Bankruptcy is
a legal process that provides relief
to many individuals who can no
longer pay all of their debts.
2. Types of bankruptcy
There are three main types of
bankruptcy cases for individuals,
the most common of which are chapter
7 and chapter 13.
3. Limits of Bankruptcy
Some debts cannot be discharged in a
bankruptcy.
4. Filing for Bankruptcy
In order to file for bankruptcy, an
individual must take a credit
counseling course and accurately
complete and file a number of
documents.
5. Creditors' Meeting
Every debtor is required to appear
at a creditors' meeting conducted by
a trustee who asks the debtor
questions about the debtor's
financial condition and gives
creditors the opportunity to do the
same.
6. Bankruptcy Crime
A debtor must be honest and accurate
in dealing with the court or face
serious consequences, including
being charged with a bankruptcy
crime.
7. Court Hearings
Bankruptcy is
a legal process that provides relief
to many individuals who can no
longer pay all of their debts.
8. The Discharge
Debtors are usually able to
discharge most or all of their
debts. Once a debt is discharged, a
creditor may not attempt to collect
it from the debtor.
Bohlman Law Offices, PC is a debt
relief agency. We help people file
for bankruptcy relief under the
bankruptcy code.
The United States
Bankruptcy Code and the Illinois
Mortgage Foreclosure Act contain
complex and time-sensitive
provisions. If you are considering
bankruptcy, we strongly recommend
that you contact a qualified
bankruptcy attorney right away to
help you determine whether
bankruptcy is an appropriate option
and to preserve your rights under
the law.
