Affordable Joliet Bankruptcy Lawyer and FREE BANKRUPTCY INFO!

If you owe money to a bank In Joliet, Cook County, or
Will County where you also store money in a savings or checking account,
there's all kinds of technicalities that allow them to siphon the money out of
your account without your knowledge or approval. If you owe money and have not
made payments they will seize the opportunity, it's a proven fact. It is what
they do.

If you're already filing a Joliet Bankruptcy then you may
have glossed over some of the information you've been given because there's a
lot relating to a bankruptcy that's occasionally hard to digest. This isn't one
of those things you can sit around to consider; this is an immediate call to action that should have
you setting up a bank account elsewhere ASAP.

You can't afford to wait for someone to remind you that
you might want to keep your money, so take care of it before the bank makes it
a moot point.

If you're still looking into your options to resolve your
financial issues and Joliet Bankruptcy is on the list, you MUST keep this in
mind. DO NOT bank where you owe money if you are filing a Bankruptcy in
Illinois (or anywhere else for that matter). In order to file a Joliet
Bankruptcy, you'll have to stop paying your creditors and that includes credit
cards. Often people will hesitate because they've worked so diligently to
protect their credit score and bank accounts to date that doing things like not
paying sounds ludicrous or dishonest. If you have misdirected feelings about
protecting an unsecured creditor (this counts for ANY unsecured creditor) you
need to stop paying them anyway
prior to filing because failing to do so means that creditor will
be sued by the trustee, which is a bigger hassle for everyone involved. Even
the creditor that you were trying to protect.

Please call Hamilton & Antonsen, Ltd. for more
information at 815.729.9220 or email us at info@halawoffices.com

Your Top Ten Bankruptcy Questions Answered!

Below are the top ten questions that I am asked by Will County bankruptcy clients. Please click on the question for a the blog posting relating to each topic. As always, feel free to call or stop in for more detailed explinations.

1)      What happens during my first meeting of creditors in Illinois?

2)      How long does bankruyptcy take?

3)      Do I get to keep my stuff?

4)      How do they know I have it?

5)      What is life like after bankruptcy? Can I get credit cards, car, house?

6)      What if I can't afford bankruptcy?

7)      Do I have to list all of my assets and how do I fill out these crazy forms?

8)      What is the bankruptcy timeline in Illinois?

9)      How much does bankruptcy cost?

10)    Are there any surprise fees?

When you think you might be ready to file go to our Bankruptcy Homework Page and print out the forms and fill them in. Please bring them to our first meeting. Give us a call at 815.729.9220 to set up an appointment. You can also email us at info@halawoffices.com Thanks!

What if I can't afford bankruptcy?

In most situations we find that Will County Illinois residents can afford a bankruptcy lawyer, they just don’t know it.

 

If things are difficult and your life would improve without the burden of debt, phone calls, lawsuits and bill collectors then a bankruptcy might be right for you. 

 

For those people, paying the costs for a typical chapter 7 bankruptcy case makes complete sense. People who can benefit from a bankruptcy in Will County find a way to pay to get it done.  Some Joliet and Will County residents make payment plans with their lawyer to get a case filed and moving forward. When they know they will qualify for Chapter 7, they often stop making certain debt payments (like credit cards) to help raise the money. This is a popular way to raise money for Joliet and Will residents, and works just fine in most cases.  

 

But there are situations when a wage garnishment is about to begin, and this won't work. Those circumstances are difficult, but even in those cases solutions can sometimes be found. It tends to be quite rare that people wait until the last minute to explore their options.  So, in most cases, being on a payment plan for two to three months before filing works perfect. You are able to have a Joliet or Will County bankruptcy lawyer to bounce your questions off of, and to help with the pre-filing stress (usually phone calls from debt collectors) and have the guidance to set up your case the right way.

 There are other ways to pay as well, like asking a family member or friend, to help, or by taking out money from a retirement fund. Call us and we will evaluate your situation and find a solution that is right for you. Hamilton & Antonsen, Ltd. 815.729.9220.

 

Illinois Bankruptcy Timeline

Day 1 Bankruptcy Filed
Commencement of Case
A voluntary Will County, Illinois bankruptcy case is commenced by filing a Petition with the Bankruptcy Court. A husband and wife may file one petition together and commence a joint case. A schedule of assets and liabilities, a schedule of current income and expenditures, a schedule of executory contracts and unexpired leases, and a statement of financial affairs must be filed with the Illinois Bankruptcy Court.

About 1 Week after Bankruptcy Filed
Court Mails a Notice of Bankruptcy Filing
Approximately 1 week after the bankruptcy is filed, the court mails a Notice of Commencement of Case to the debtor and to the creditors included in the list of creditors. The notice contains the date and time of your court hearing (called “meeting of creditors”), deadlines for objections to discharge and the name of the Northern Illinois District bankruptcy trustee appointed to oversee your case. 

30 Days after Illinois Bankruptcy Filed
Chapter 7: Statement of Intention regarding secured debt must be filed
Within 30 days after a Chapter 7 has been filed (or before the § 341 meeting if that is earlier), the debtor must file a Statement of Intention regarding his or her secured debts, e.g. home mortgages, auto loans, etc.. That statement indicates whether the debtor intends to: (1) reaffirm the debt and continue making payments, (2) redeem the property by immediately paying the value of the property, or (3) surrender the property.

Before Meeting of Creditors
Provide copies of tax returns
Not later than 7 days before the date first set for the first meeting of creditors, the debtor shall provide a copy of his or her most recent federal and state income tax return to the Illinois bankruptcy trustee and to any creditors that have requested it

About 4-6 Weeks after Bankruptcy Filed
§ 341 Meeting (Creditor's Meeting)
A Meeting of Creditors (also known as “Section 341 Hearing”) is usually held approximately four to six weeks after Bankruptcy is filed. The date and time of this meeting is stated in the Notice of Commencement of Case mailed by the court.  Each debtor is required to attend this meeting and testify under oath, but most creditors do not come to the meeting.

30 Days after Meeting of Creditors
Deadline to file objection to claim of exemption
The debtor’s property must be claimed as exempt under the law in order to protect it from creditors.  If the Trustee or a creditor disputes the debtor's exemptions, they must file an objection within 30 days after the 341 meeting. Note: If the case has been properly prepared this type of objection should rarely occur.

 

 

Chapter 7: Debtor must perform under the Statement of Intention
In Chapter 7, the debtor must perform under the Statement of Intention, and (1) reaffirm the secured debt and continue to make the payments remaining for the balance of the debt, (2) redeem the property by immediately paying the value of the property, or (3) surrendering the property. [Note: Another section of the bankruptcy code appears to specify a time of 45 days after the meeting for the same action. See 11 U.S.C. § 521(a)(2)(B); and 11 U.S.C. § 521(a)(6) ]

60 Days after Meeting of Creditors
Deadline for Creditors to Object to Discharge of a Debt
Creditors have 60 days after the meeting of creditors to file a complaint objecting to the discharge of debts which were obtained by false pretenses, a false representation, or actual fraud; debt from fraud or defalcation while acting in a fiduciary capacity, embezzlement or larceny; and debt for willful and malicious injury.  This deadline applies to objections to discharge of: Consumer debts owed to a single creditor of more than $500 for luxury goods or services obtained within 90 days before a Chapter 7 bankruptcy.

Deadline for Creditors to Object to Discharge of all Debts
Creditors have 60 days after the first date set for 341 meeting to file a complaint objecting to the discharge of all debts because of misconduct including transfer, destruction or concealment of property; concealment, destruction, falsification or failure to keep financial records; making false statements; withholding information; failing to explain losses; failure to respond to material questions; having received a discharge in a prior case filed within the last 6 years.

More than 60 Days after Meeting of Creditors
Discharge Order entered
Court rules require that the discharge be entered "forthwith" after the expiration of the time for objecting to discharge or moving to dismiss the case. The time for those objections expires 60 days after the first date set for creditor's meeting.  The discharge is not absolute or final. The Trustee can ask that the discharge be set aside if the debtor does not turn over non-exempt property, if the debtor fails to perform other duties, or if there were other matters pending which would result in the denial of the discharge.

Final Decree
Your case is not actually closed until the court issues a Final Decree.  The “Discharge Order” and the “Final Decree” don’t necessarily come at the same time, although they often do if a case is a “no-asset” case.  A no-asset case is a case where all of the debtor’s property is exempt.

However, if there is some property that is not exempt, then the bankruptcy case will remain open as long as it takes for the Trustee to liquidate the non-exempt property, distribute the funds to creditors, and file a final report. When the Final Decree is issued the case is closed.

As a practical matter once the discharge is entered a few months after filing the debtor is able to move forward with his or her life.  Even if the trustee has additional duties to complete before he files a final report, this does not usually affect the debtor.

Please call Hamilton & Antonsen, Ltd. at 815.729.9220 for more information or to file an Illinois Chapter 7 bankruptcy case.

Do I Need To Really List All of My Assets?

If you file a bankruptcy case in Illinois, you have to disclose all your assets to the bankruptcy court.  You have to show the last 60 days of paystubs to the trustee in Will County, IL.  You may even have to show your bank statements to the bankruptcy trustee.  You will also have to show your tax returns to the Illinois trustee too.  It’s not easy  to hide assets.  If you make a good income, trustee’s won’t believe you don’t have a checking or savings account.

If a trustee gets suspicious he or she can demand more information and continue your trustee’s meeting for you to bring the info back or your bankruptcy case will be dismissed.

What kind of bad things can happen to this debtor who was caught lying to an Illinois trustee during your Chapter 7 bankruptcy?

The trustee can make a criminal referral to the United States Trustee or the U. S. Attorney

The trustee can file a complaint to bar the debtor’s discharge in bankruptcy

Essentially, the debtor’s false statements under oath result in the worst of all possible worlds.  The debtor has a bankruptcy on his credit report for 10 years.  The debtor loses all of his non-exempt assets.  The debtor can’t get rid of the debts he had as of the date of his bankruptcy.  And the debtor faces the risk of criminal prosecution.

My advice?  Don’t let this happen to you.  Tell your Will County bankruptcy lawyer everything.  Be honest.  Don’t hide your stuff.  Remember, in bankruptcy, an honest debtor can get a fresh start

We can help you list all of your assets, nothing for you to worry about but be honest! Please Hamilton & Antonsen, Ltd. at 815.729.9220 or email us for more info.

Life after bankruptcy

There is life after filing your Will County, IL bankruptcy. Below is a great article by Jean Chatzky from the NY Daily News explaining the impact of bankruptcy. Please take a minute to read the article. If you are a good candidate for bankruptcy hopefully this eases your concerns about what lies ahead.

In 2008 and 2009, there were a total of 2.5 million personal bankruptcy filings, according to the American Bankruptcy Institute.

More and more people have found it impossible the past few years to keep up with their mortgage, car payments and credit card bills. I've received countless e-mails about how to prioritize these bills when you can't make ends meet.

Indeed, in 2008 and 2009, there were a total of 2.5 million personal bankruptcy filings, according to the American Bankruptcy Institute. In the 2006 and 2007, there were 1.4 million. Despite the economic recovery, defaults continue. Filings in February were up 14% over February 2009.

If you were driven to bankruptcy or are considering it, you know you're not alone. But you're probably also wondering how to dig yourself out. How do you wipe the slate clean and start rebuilding your credit?

THE IMPACT

Filing for bankruptcy is not, despite widespread belief, a one-way ticket to financial purgatory, said Kevin Chern, a bankruptcy lawyer and president of Total Attorneys, a legal support firm.

"Creditors and banks try to create a lot of misconceptions to scare people away from filing and tell them their credit will be ruined forever. But you have to take a more pragmatic view," he said.

By the time most people file for bankruptcy, their credit is already trashed, they have a high debt-to-income ratio - a key indicator lenders look at - and they've likely defaulted on more than a few accounts.

"After bankruptcy, you have a significantly better debt-to-income ratio and no outstanding debt. You may actually look like a better risk," Chern said.

That's not to say it's best to file if you can avoid it, but your ability to borrow most won't likely be gone for good. Most people will start receiving credit card solicitations 18 to 24 months after coming out of bankruptcy.

 

YOUR CREDIT REPORT

You need to know where you stand and dispute any inaccurate information. You can get a free report from annualcreditreport.com; you're entitled to one from each of the three main credit bureaus per year, so you should pull one every four months. You can also get a free score from creditkarma.com.

"You want to make sure that, after bankruptcy, the debts have been taken off," said Steve Elias, a bankruptcy attorney and author of "How to File for Chapter 7 Bankruptcy."

Your credit report shouldn't say that you're 90 days late on your Visa account; it should just say bankruptcy. The credit bureaus allow you to dispute information online, and you should hear back within 30 to 45 days.

NEW LIFESTYLE

Often, the circumstances that set us back financially are beyond our control, like layoffs, medical bills or emergency home repairs. Yet too many people were living beyond their means for years and floating the excess on credit. It's important to pinpoint mistakes so you don't fall back into the red. Realize that, when you buy a home, you need to budget for the mortgage plus home maintenance, insurance, taxes and more. With a car loan comes repairs, insurance, etc.

This is a good time to downsize if you're still overextended, but it's also a good time to build an emergency fund so you're prepared for events beyond your control. Six to nine months worth of living expenses stashed away is ideal. You can rely on that cash - not a credit card - to get you through hard times.

Written by Jean Chatsky

Sunday, April 4th 2010, 11:39 PM

 

Evans/Getty

 

Please call Hamilton & Antonsen, Ltd for a free bankruptcy consultation at 815.729.9220 or email us at info@halawoffices.com.

How long does bankruptcy take?

Completing a Chapter 7 bankruptcy is faster than a Chapter 13 bankruptcy. The discharge of your debts normally happens four to six months after filing for a Chapter 7. You begin the process by filing a detailed petition listing all of your property, debts, and other financial information with the bankruptcy court. A short time later you go to a meeting with the bankruptcy trustee (usually the only appearance you must make). Unless there are problems or one of your creditors objects, the discharge will be granted a few months later. In many cases Will County bankruptcy filers receive a discharge within 3 months, but not always. Within a few days of filing your Will County bankruptcy we can get creditors to stop harassing you. Please call us at 815.729.9220 or email us at info@halawoffices.com for further questions or to get started. 

 

What happens at the meeting of creditors?

Section 11 U.S.C. Section 341 mandates that the United States Trustee "shall convene and preside at a meeting of creditors". Despite the name of the meeting, there are very few creditors, if any, who bother to show up at this meeting! The meeting of creditors for persons residing in the Will County area is at City Hall in downtown Joliet.

At this meeting, debtors who have filed a Will County consumer bankruptcy (Chapter 7 or Chapter 13) can expect a number of things to occur. First, their appointed trustee will administer an oath for truthfulness that they will be required to take. Second, they will be questioned regarding a variety things, common questions include: Have you filed a bankruptcy before? Did you review and sign the bankruptcy petition prepared by your attorney? How long have you lived in Illinois? What are the values of your vehicles and/or real estate?

Every bankruptcy case is different and every trustee is different. Couple this with the fact that no two bankruptcy cases are exactly alike, and you have the potential for many different types of questions. Depending on the circumstances, there may be questions that seem odd or confusing. Do your best and answer these questions as truthfully as possible and, if necessary, consult with your attorney.

In the rare case that a creditor does show up at your meeting of creditors, they will usually be given an opportunity to speak and ask you questions. The trustee will usually try to keep the questions on a guided path so that they only address issues pertaining to the bankruptcy filing.

We will prepare you for this meeting beforehand.  Do not worry, they normally go smoothly with no issues.  Please call us at 815.729.9220 or email us at info@halawoffices.com for further questions.

 

Bankruptcy Filings On The Rise In Will County, IL

About a quarter of American homeowners are having a tough time keeping up with their mortgages.  Many of these folks are Will, DuPage, Grundy, and Cook County residents. Fifteen million here in the US are out of work. It's no surprise that bankruptcies in Joliet and the surrounding areas have risen dramatically. The twelve-month period of September 2009 to September 2010 saw a nearly 15% increase in bankruptcy filings over the previous twelve-month period. 

Joliet, IL  Chapter 7 bankruptcy attorneys are finding that people who are filing for bankruptcy protection are in worse financial shape than ever. Many people are reluctant to consider bankruptcy. When they finally realize that bankruptcy is the best route they have suffered far beyond what was really necessary.  A quick call to a local Joliet bankruptcy lawyer could have helped get them on the way to a fresh start.

Bankruptcy obviously has a stigma, which holds many people back from filing. The stigma is disappearing though as more and more people are forced to file for bankruptcy, though.  What most people don’t realize is that most people will never be aware of the bankruptcy filing.

Bankruptcy may remain on a credit report for ten years, but if a debtor puts their financial life in order after a bankruptcy, they can often a home loan within two or three years and for many of those who are filing bankruptcy who already  own a home,  they may be able to keep their residence.

When a lender is threatening to take your car or home, things have reached a point where you need to talk to a reliable Joliet or Will County bankruptcy attorney.

Bankruptcy allows people, in most cases, to keep their home and their car. Waiting and trying to juggle ridiculous bills could result in the loss of a home and a car.

Bankruptcy features multiple rules, and they apply differently to Chapter 7 bankruptcy which can often get rid of ALL of your debt.  Chapter 13, which gives people a three- to five-year payment plan is very different and more complex.  No two cases are ever alike.

It is usually a bad idea to pay tons of money to a mortgage lender on a mortgage that in the end you won’t be able to keep.  It is also never a good idea to use money from an IRA or 401(k) to pay your debts because that money can be protected in bankruptcy. In considering bankruptcy, though, you should be aware that spousal support, student loan debt, and tax debts can almost never be eliminated through bankruptcy.

We are experienced local Joliet and Will County bankruptcy lawyers and we can help you navigate the bankruptcy process.  We charge affordable rates.  Hamilton & Antonsen,Ltd. 815.729.9220

Should I File Bankruptcy?

Making the decision to file for bankruptcy in Will County, IL can be difficult. Debt can be overwhelming, and you might be intimidated or embarrassed of your situation. While filing for bankruptcy can often provide you with a fresh start financially, it is not your only choice. There are some things to remember when you are considering filing for bankruptcy to ensure that you are protected, no matter what your ultimate decision will be. Our bankruptcy clients come from areas such as Joliet, Shorewood, Plainfield, Morris, Chicago, and New Lenox…we tell them all the same thing when making the decision whether to file:

Take the time to put together an accurate list of your creditors and debts to determine whether filing for bankruptcy is the right decision for you.  If you decide to file for bankruptcy, you will have all of the information you need in one place. You could also bring your list to a credit counseling session to determine whether filing for bankruptcy would make the most sense for you.

Be mindful of your credit card spending and do not run up your credit card balances before filing for bankruptcy. Charges made within 90 days of filing for bankruptcy usually will not be discharged.

If you think you will file for bankruptcy, avoid taking money out of your retirement accounts to pay for your debts. Retirement accounts are usually protected in bankruptcy.

If you decide to file for bankruptcy, all of your creditors and debt collectors should be made aware of your decision. All creditors should be provided with the contact information for your bankruptcy attorney. Be sure that your list of creditors is comprehensive and up-to-date to ensure they all receive proper notice.  Hamilton & Antonsen, Ltd. can help you decide if bankruptcy is right for you.