Chicago Bankruptcy Filing: Do’S and Don’Ts
Clients come to the law offices of Chang and Carlin at the worst of times. For many of them, business or personal finances have taken a wrong turn and they've become overwhelmed with debt. Bankruptcy often has a negative connotation, but this is in large part because of misconceptions that have escalated over time. It's actually a very common process, and it can turn your life around. For most people with serious debt problems, filing bankruptcy puts an immediate stop to creditor harassment as well as contested actions such as lawsuits, repossessions and foreclosures.
Declaring bankruptcy takes more than just a sporadic decision to relinquish your assets because of financial strain. Instead, the process often requires proper planning, evaluation and well-informed legal consultations. There are certain things that you need to keep in mind before filing for Chapter 7 or Chapter 13 bankruptcy Chicago. Let's have a look:
€ Seek Legal assistance: Filing for bankruptcy is an important personal decision. However, bankruptcy law is complex, and it can be very challenging for a layperson to understand all the procedures involved in a bankruptcy case without talking to an experienced attorney. Filing for Bankruptcy with Chicago Bankruptcy Lawyers will give you a fresh start in life and the ability to create a better financial future.
€ Continue making your mortgage and auto payments: If you plan on keeping your car or your house through the bankruptcy process it is important that you continue to pay the monthly mortgage or car payments.
€ File your taxes: Continue to fill out your Federal and State income tax returns, as your bankruptcy trustee will request to see these documents. Failure to provide copies of tax returns could mean that your debts won't get discharged.
€ Don't incur additional debts: Under the impression that they'll receive a totally clean slate, some people see impending bankruptcy as an opportunity to take on additional debts. Don't do it! Incurring debts prior to bankruptcy could result in those debts not being discharged.
€ Don't continue to use your credit cards: Any charges on your credit card totalling more than $600 within the 90 days prior to your bankruptcy case are presumed to be non dischargeable. So, it's advisable not to use your credit card.
€ Don't transfer assets out of your name: Don't transfer ownership of your properties to someone else in an attempt to prevent them from seizure by a trustee or creditor. This conduct can be bankruptcy fraud. The court may dismiss your bankruptcy case, or deny discharge of your debts.
Decisions you take before filing for bankruptcy can affect the eventual outcome of your bankruptcy case. Therefore, it is important to choose a bankruptcy lawyer in Chicago who has the experience, compassion, and work ethic to see you through the process. The Law Offices of Chang and Carlin guide's individuals and families through their financial struggles, helping them make a fresh start through Chapter 7 and Chapter 13 bankruptcy.
Contact Chang and Carlin for a Free Bankruptcy Consultation Today!
If you are filing for bankruptcy in Illinois, get in touch with Chang and Carlin, LLP today for a Free Bankruptcy Consultation. We understand what you're going through and can help you navigate the bankruptcy process with precision.
Log on to http://www.changandcarlin.com/
Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg. Joliet, and Warrenville.
Declaring bankruptcy takes more than just a sporadic decision to relinquish your assets because of financial strain. Instead, the process often requires proper planning, evaluation and well-informed legal consultations. There are certain things that you need to keep in mind before filing for Chapter 7 or Chapter 13 bankruptcy Chicago. Let's have a look:
€ Seek Legal assistance: Filing for bankruptcy is an important personal decision. However, bankruptcy law is complex, and it can be very challenging for a layperson to understand all the procedures involved in a bankruptcy case without talking to an experienced attorney. Filing for Bankruptcy with Chicago Bankruptcy Lawyers will give you a fresh start in life and the ability to create a better financial future.
€ Continue making your mortgage and auto payments: If you plan on keeping your car or your house through the bankruptcy process it is important that you continue to pay the monthly mortgage or car payments.
€ File your taxes: Continue to fill out your Federal and State income tax returns, as your bankruptcy trustee will request to see these documents. Failure to provide copies of tax returns could mean that your debts won't get discharged.
€ Don't incur additional debts: Under the impression that they'll receive a totally clean slate, some people see impending bankruptcy as an opportunity to take on additional debts. Don't do it! Incurring debts prior to bankruptcy could result in those debts not being discharged.
€ Don't continue to use your credit cards: Any charges on your credit card totalling more than $600 within the 90 days prior to your bankruptcy case are presumed to be non dischargeable. So, it's advisable not to use your credit card.
€ Don't transfer assets out of your name: Don't transfer ownership of your properties to someone else in an attempt to prevent them from seizure by a trustee or creditor. This conduct can be bankruptcy fraud. The court may dismiss your bankruptcy case, or deny discharge of your debts.
Decisions you take before filing for bankruptcy can affect the eventual outcome of your bankruptcy case. Therefore, it is important to choose a bankruptcy lawyer in Chicago who has the experience, compassion, and work ethic to see you through the process. The Law Offices of Chang and Carlin guide's individuals and families through their financial struggles, helping them make a fresh start through Chapter 7 and Chapter 13 bankruptcy.
Contact Chang and Carlin for a Free Bankruptcy Consultation Today!
If you are filing for bankruptcy in Illinois, get in touch with Chang and Carlin, LLP today for a Free Bankruptcy Consultation. We understand what you're going through and can help you navigate the bankruptcy process with precision.
Log on to http://www.changandcarlin.com/
Disclaimer: The content provided by Chang and Carlin, LLP is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal services, call our law firm at 1-866-790-8601 for a Free Legal Evaluation. Chang and Carlin, LLP serves clients in Chicago, Schaumburg. Joliet, and Warrenville.