The State of Illinois offers an invaluable and citizen – friendly service that would help you through your bankruptcy filing procedure. There are two kinds of bankruptcies to begin with: Chapter 7 and Chapter 13. Chapter 7 will clear all your debt, but your non exempt properties, like your car for example, must all be turned over to the creditors. If. you have a property that you wanted to keep, then you could choose to file under Chapter 13. In some case, filing for Chapter 13 bankruptcy is a much better alternative that Chapter 7, because it will give you ample time to finish paying up your debt since this type of bankruptcy allows the debtor to bear the cost of the debt in a span of three to five years. In this way, you can keep your non – exempt properties. Of course, you also need to have a stable and a good paying job to be able to pull this one off.
Now if you indeed apply for chapter 13 in the State of Illinois, what are the necessary things that you must prepare to pass?
Under the court’s directive, you must bring the following requirements. (1) schedules of assets and liabilities%3b (2) a schedule of current income and expenditures%3b (3) a schedule of executory contracts and unexpired leases%3b and (4) a statement of financial affair.
How about if the individual has a joint account with another person, does he or she need to list it when filing for bankruptcy? The answer is, yes, because that is still an example of your assets and liabilities, which part of the needed requirement when seeking a bankruptcy order.
Before you go and docket your case on one of the bankruptcy courts of Illinois, it is highly recommended that you hire a bankruptcy lawyer first. This will minimize expenses that will be brought about by unnecessary – and often expensive – errors during filing.
