Preparing for Chapter 7

If you are considering Chapter 7 bankruptcy, filing may seem like a complex and overwhelming process. But with proper organization of information and the assistance of an experienced bankruptcy attorney, you can ensure that you are fully prepared for what is usually a much smoother process than you may think. Here are some important preparations to consider when filing for Chapter 7 bankruptcy:– Credit counseling course – This required course, which is completed online and must be accredited by the Northern District of Illinois, usually costs about $50 and will take a few hours to complete.– Schedules – These are documents which list all of your income, expenses, assets, and liabilities and are lettered from A through J (Schedule A, Schedule B, and so on). Your attorney can help ensure that these forms are filled out properly.– Proof of income – Gather evidence of all payments you’ve received within the two months prior to filing your petition. Your attorney will need this documentation later on.– Proof of payments – Also gather evidence of all payments you’ve made toward your debts within the three months prior to your filing, and track any payments made on debt to a family member within one year prior to filing.– Financial management course – Toward the end of the Chapter 7 process, you will also need to complete an online financial management course, and this process is similar to that of the first course.If you are struggling financially and considering filing for Chapter 7 bankruptcy, you’re not alone. Contact an experienced bankruptcy attorney today for a free consultation.