Illinois Bankruptcy
Going bankrupt is a nightmare that not all people might experience. While the bankruptcy code can't be altered by any state there are different procedures for each state. For anyone who is living in Illinois, the matter of bankruptcy Illinois courts system will decide on.
You should however prepare for the court proceedings when you first start thinking about claiming bankruptcy. As bankruptcy is very complicated you might want to ask a bankruptcy lawyer to explain the bankruptcy Illinois act.
This way you will understand what the Illinois courts require from you before they can state that you are bankrupt. As the bankruptcy code has changed in 2005 you will need to go through credit counseling at an approved counseling agency at least 6 months before you file for bankruptcy.
You will also need to go through with a financial management instructional course after you have filed for bankruptcy. Before you start the process of bankruptcy filing you will need to gather all of the documents that bankruptcy Illinois courts require.
These documents will include any deeds and titles to land and vehicles that you own, loan documents, your tax returns for the last 2 years, property and assets, all debts - both secured and unsecured - with the names of the creditors listed, monthly living expenses, major financial transactions for the last 2 years. You will also need to itemize your current income sources.
Once these have been readied and you have talked with a reputed bankruptcy lawyer you can take the means test, to see if you qualify for a chapter 7 or chapter 13 bankruptcy filing.
The means test will be administered by your lawyer and you will have the right to a chapter 7 bankruptcy filing. The means test will be based on your monthly income and expenses. If your monthly income and expenses are more than the average for Illinois wage earners you can't file for chapter 7 bankruptcy.
Instead you will be able to apply for chapter 13. In this chapter you can keep all of your assets and property and pay off your creditors. You will be using the wages that you have left from your monthly expenses.
The bankruptcy Illinois act allows the debtor to file for chapter 13 even if they qualify for chapter 7. Once you are ready for either a chapter 7 or a chapter 13 bankruptcy Illinois
hearing then you have to answer all of the questions that the bankruptcy trustee and your creditors will ask from you.
While the bankruptcy Illinois act is not that hard to prepare for you should make sure that you have everything readied before you start applying for bankruptcy. Having all of the items that you need for your bankruptcy hearing ready, will help you to choose if you want a chapter 7 or 13 bankruptcy filed.
Types Of Bankruptcy
When someone has financial problems they look at bankruptcy as a means of ending their debts in a legal manner, and restarting their lives and businesses. There are four main types of bankruptcy that Read more...
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Notes |
Bankruptcy credit counseling is a requirement of the new bankruptcy law effective October 17, 2005. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires court approved bankruptcy credit counseling to be completed by debtors prior to filing for bankruptcy within the 180 days immediately preceding the filing of a bankruptcy petition.
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Fall 2008 Edition Of Bankruptcy Resource Is Now Available
<p>The Fall 2008 edition of the <em>Absolute Priority </em>newsletter, published by the <a href="http://www.cooley.com/">Cooley Godward Kronish LLP</a> <a href="http://www.cooley.com/practices/detail.aspx?practiceid=000037410320">Bankruptcy & Restructuring </a>group, of which I am a member, has just been released. The newsletter gives updates on current developments and trends in the bankruptcy and workout area. Follow the links in this sentence to access a <a href="http://bankruptcy.cooley.com/uploads/file/Absolute Priority Fall 2008.pdf">copy of the newsletter </a>or to <a href="http://echo.bluehornet.com/clients/cooleygodward/survey.htm">register </a>to receive future editions. You can also <a href="http://bankruptcy.cooley.com/subscribe.html">subscribe </a>to the blog to learn when future editions of the <em>Absolute Priority </em>newsletter are published, as well as to get updates on other bankruptcy topics.</p>
<p>The latest edition of <em>Absolute Priority </em>covers a range of cutting edge topics, including:</p>
<ul>
<li>Claims and defenses under the WARN Act;</li>
<li>The Supreme Court's decision on transfer taxes and bankruptcy sales;</li>
<li>Section 363 "free and clear" sales in bankruptcy; and</li>
<li>The interplay between claim objections and the Section 503(b)(9) "20 day goods" administrative claim.</li>
</ul>
<p>This edition also has information on some of our recent representations of official committees of unsecured creditors in Chapter 11 bankruptcy cases involving major retailers. These include Mervyn's, Boscov's, Hancock Fabrics, Steve & Barry's, Goody's, Sharper Image, The Bombay Company, and Shoe Pavilion, among others. In addition, a note from my partner Adam Rogoff, the editor of <em>Absolute Priority</em>, discusses how the current economic problems will require lenders, unsecured creditors, and others to consider the impact of Chapter 11 bankruptcy on their rights.</p>
<p>I hope you find this latest edition of <em>Absolute Priority </em>to be a helpful resource.</p><img src="http://feeds.feedburner.com/~r/BusinessBankruptcyBlog/~4/440465729" height="1" width="1"/> |
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