Springfield Bankruptcy Relief Lawyer
Filing a Bankruptcy Petition in Illinois
Michael J. Logan, Ltd. · Springfield, Illinois
More Than 35 Years' Experience as a Bankruptcy Attorney
Call 866-258-6719 or E-Mail
Bankruptcy is a legal process enacted by the federal government to give citizens a "fresh start." This takes the form of a discharge of most if not all of your debt, as in a Chapter 7 bankruptcy filing, or an installment repayment of some portion of your debt, as in a Chapter 13 or Chapter 11 filing.
Chapter 7 Versus Chapter 13
Which chapter you would be eligible for depends on many factors, including the amount of your debt, the nature of your debt, and your ability to make payments toward that debt. The petition that you file is reviewed by a court officer known as a trustee. The trustee's job is to review your assets and liabilities and determine if there's any money or property available to pay your unsecured creditors after certain applicable exemptions. If in fact you do have assets valued above such applicable exemptions, the trustee will seek to be paid for such nonexempt debts.
Before and During the Bankruptcy Process
Before you are able to file a petition in bankruptcy, you are required to attend in person, by phone, or on the Internet, a court-approved counseling session. After you file your petition, you are required to attend a second court-approved counseling session. You will also have to attend a first meeting of creditors, known as a 341 hearing, to answer questions from the trustee. This hearing takes approximately 12 minutes unless your case is complicated. Your lawyer will attend the hearing with you.
While your bankruptcy petition is in progress, creditors are not allowed to contact you by phone, letter, or otherwise without the consent of you and your attorney. Similarly, all pending legal proceedings in state court are halted or "stayed" during the bankruptcy proceeding with certain exceptions, such as child support and alimony.
The Completion of the Bankruptcy Process
Upon the completion of a bankruptcy proceeding the balance of your unsecured debt will be discharged and you will no longer be obligated to pay that debt. In many cases you will be able to retain secured property such as a house and vehicle provided you maintain the monthly payments on them.
After a relatively short period of time, you will be able to start rebuilding your credit rating.
Bankruptcy Proceedings Are Public Record
While bankruptcy proceedings are of public record, currently filings are not published in the newspaper by the Springfield division of the bankruptcy court. However, credit reporting agencies will pick up and list such filings on their reports and if you're under a wage deduction plan when you file, your employer will have to be notified to stop such deducting. Also, any co-debtor and all of your creditors will be notified of the filing.
Contact the Law Office of Michael J. Logan, Ltd.
For more than 35 years, attorney Michael J. Logan has handled bankruptcy petitions for individuals and families in and around Springfield, Illinois. Superior customer service is our watchword, and we protect our clients' privacy to the greatest extent possible.
Submit a confidential case evaluation for a private assessment of your debt relief options.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.