12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Do I Need a Lawyer to File for Bankruptcy in Braidwood, IL

Do I Need a Lawyer to File for Bankruptcy in Braidwood, IL


The greatest glory in living lies not in never falling, but in rising every time we fall.
 
- Nelson Mandela


Corporations and Partnerships must have an attorney to file a bankruptcy case. Individuals, however, may represent themselves in bankruptcy court.

In many cases, it's a good idea to have a bankruptcy attorney. However, many petitioners file for bankruptcy without a lawyer. Some represent themselves in bankruptcy because they cannot afford the lawyer's fees. Others have simple cases, and don't feel the need to hire a lawyer. Even the simplest Chapter 7 bankruptcy requires extensive paperwork, gathering of financial documentation, research of bankruptcy and exemption laws, and follow up with local rules and procedures.

Bankruptcy rules are very technical, and a misstep may affect a debtor's rights. For example, a debtor whose case is dismissed for failure to file a required document, such as a credit counseling certificate, may lose the right to file another case or lose protections in a later case, including the benefit of the automatic stay. Bankruptcy has long-term financial and legal implications, so it is very important to do it right. An individual filing for bankruptcy must list all property and debts in their bankruptcy schedules. If a debt is not listed, it is possible the debt will not be discharged.

The simpler the bankruptcy, the better your chances are to successfully complete it and receive a discharge on your own. So it's usually more feasible to file without an attorney if you are filing a simple Chapter 7 bankruptcy.

If your household income is low and you own little or no assets, and you don't have any priority debts or creditors alleging fraud against you, then your case may be simple enough for you to handle without an attorney.

Bankruptcies filed under Chapter 13 can be more complex than Chapter 7. If you are underwater on your mortgage payments, and if your second mortgage is worth less than your first mortgage, you may be able to use Chapter 13 bankruptcy to "strip" the second mortgage (discharge it in bankruptcy). If you owe more than your car is worth, through a process known as "loan cram down," you may be able to negotiate a Chapter 13 payment plan based on what the car is actually worth, as opposed to the value of the car loan.

You may choose to file a Chapter 13 to take advantage of these benefits or simply because you make too much money to qualify for a Chapter 7. No matter what your reason is, it generally means that your case may be too difficult to file on your own.

In Chapter 13 bankruptcies, in addition to filing the official bankruptcy forms, you must also design a proposed repayment plan, which can be very difficult to do. Stripping your second mortgage or cramming down a car loan will usually require filing additional motions and paperwork with the court.

So, if you are planning to file a Chapter 13 or a complex Chapter 7, it is a good idea to hire a qualified attorney. Your Chapter 7 will usually be more complex if you own a business, have high income, own significant assets, or have creditors who may claim fraud. If any of the above applies to you, you risk having your case dismissed, your assets being taken and sold, or facing a lawsuit in your bankruptcy to determine that certain debts should not be discharged. In that case, it is advisable to hire an attorney to handle your bankruptcy.

Bankruptcy fraud is a crime and the presiding judge may also deny the discharge of all debts if a debtor does something dishonest in connection with the bankruptcy case, such as transferring assets to friends and family, destroying or hiding property, falsifying records, or lying. Individual bankruptcy cases are randomly audited to determine the accuracy, truthfulness, and completeness of the information that the debtor is required to provide.

Individual debtors are generally required to obtain credit counseling from an approved provider within 180 days before filing a case, and to file a statement of compliance and a certificate of credit counseling furnished by the provider. Failure to do so may result in dismissal of the case.

Homeowners who are having trouble or have fallen behind in making their mortgage payments may have options that would allow them to avoid foreclosure and bankruptcy, starting with renegotiating with the mortgage lender. However, please beware of marketing offers made once your house is in foreclosure - there are a number of fraudulent schemes specifically directed at individuals facing foreclosure.

Only you can decide if hiring a lawyer is right for you. Check out 12Law.com for listings of lawyers in your neighborhood.
 
Personalize & Print a Free IL Last Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free IL Living Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Related Legal Services near Braidwood, IL
Brown & Joseph, Ltd.
2550 West Golf Rd. Suite 300
Rolling Meadows, IL 60008
(888) 829-9997
Collection Law Attorneys, Collection Agencies
Faye M. Lyon
1111 S Alpine Rd Ste 703
Rockford, IL 61108
(815) 229-9922
Attorneys, Family Law Attorneys
Meyer Benjamin W
1111 S Alpine Rd Ste 703
Rockford, IL 61108
(815) 229-9922
Family Law Attorneys, Attorneys, Legal Service Plans
Myslinski Jesse K
201 E Army Trail Rd Ste 202
Bloomingdale, IL 60108
(630) 351-9905
General Practice Attorneys, Attorneys, Legal Service Plans
Shaw Management
141 Market Place
Fairview Heights, IL 62208
(618) 235-9822
Social Security & Disability Law Attorneys, Railroads, Social Security Consultants & Representatives
Nemzin Robert F
2536 S California Ave
Chicago, IL 60608
(773) 869-9800
General Practice Attorneys, Attorneys
Graham-Benson
5020 N Illinois St
Fairview Heights, IL 62208
(618) 235-9800
Attorneys,  Bankruptcy Services,  Legal Service Plans,  Bankruptcy Law Attorneys
Brassfield, Krueger & Ramlow, Ltd
1491 S Bell School Rd
Rockford, IL 61108
(815) 398-9700
Accident & Property Damage Attorneys,  Attorneys,  Criminal Law Attorneys,  DUI & DWI Attorneys,  Em
Sterling Harry J
6 Canty Ln
Fairview Heights, IL 62208
(618) 397-9403
Attorneys, Labor & Employment Law Attorneys, Accident & Property Damage Attorneys, Corporation & Par
Servicios Flores
2215 S California Ave
Chicago, IL 60608
(773) 927-9141
Immigration Law Attorneys, Attorneys
Mevorah Steven H
134 N Bloomingdale Rd
Bloomingdale, IL 60108
(630) 932-9100
Child Custody Attorneys, Attorneys, Family Law Attorneys
Katz Law Firm
2408 W. Cermak Rd.
Chicago, IL 60608
(773) 847-8982
Family Law Attorneys,  Labor & Employment Law Attorneys,  Divorce Attorneys,  Immigration Law Attorn
Liebovich & Weber PC
415 S Mulford Rd
Rockford, IL 61108
(815) 226-8912
Estate Planning Attorneys,  Attorneys,  Elder Law Attorneys,  Wills, Trusts & Estate Planning Attor
Nash Erin
2425 Charles St
Rockford, IL 61108
(815) 977-8809
Attorneys, Accident & Property Damage Attorneys, Corporation & Partnership Law Attorneys, Legal Serv
Hillison Scott E
6833 Stalter Dr # 201
Rockford, IL 61108
(815) 977-8739
Attorneys,  Bankruptcy Services,  Legal Service Plans,  Bankruptcy Law Attorneys
Pinsel David
3701 Algonquin Rd
Rolling Meadows, IL 60008
(847) 818-8700
General Practice Attorneys, Attorneys, Legal Service Plans
Picklin & Lake
1941 Rohlwing Rd Fl 1
Rolling Meadows, IL 60008
(847) 398-8488
General Practice Attorneys, Attorneys, Legal Service Plans
Ross Law Firm
1645 Hicks Rd
Rolling Meadows, IL 60008
(847) 485-8376
General Practice Attorneys, Attorneys
Smith, Michael J - Abate & Smith
6833 Stalter Dr # 200
Rockford, IL 61108
(815) 282-8228
Divorce Attorneys, Attorneys, Family Law Attorneys, Legal Service Plans
Kalantzis Law Firm
1861 Hicks Rd Ste B
Rolling Meadows, IL 60008
(847) 348-8196
General Practice Attorneys, Attorneys
Faulkner David P
6832 Stalter Dr # 101
Rockford, IL 61108
(815) 963-8050
General Practice Attorneys, Attorneys, Legal Service Plans
Martin A Delaney III LTD
3701 Algonquin Rd
Rolling Meadows, IL 60008
(847) 705-8000
Attorneys, Family Law Attorneys, Divorce Attorneys
Giagnorio Joseph
130 S Bloomingdale Rd
Bloomingdale, IL 60108
(630) 980-7870
Attorneys, Legal Service Plans
Masterly John G
2301 S Western AVE
Chicago, IL 60608
(773) 254-7787
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US