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Filing Chapter 7 Bankruptcy in Illinois by Mind Map: Filing Chapter 7 Bankruptcy in
Illinois
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Filing Chapter 7 Bankruptcy in Illinois

Sign up for and take credit counseling class

List of counseling agencies

I usually suggest Institute for Financial Literacy 866 662 4932

Attorney obtains credit report and prepares petition & checks exempt property

Last 6 months paystubs are needed to calculate "means test"

Must be under median income to file Chapter 7

Exempt property (property you can keep)

Car up to $2400

$4000 wildcard applies to any personal property

All IRAs and retirement plans

$15,000 in equity in real estate

Petition is filed electronically

Filing fee is $299

Attorneys fees, Attorneys fees must be paid before filing case. Attorney's fees range from $1000.00 to $1300.00

Creditors are notified by court

Date for creditors meeting is set by court

Attorney emails last tax return and last two months pay stubs to trustee

Client and attorney attend creditors meeting

Creditors meeting is about 45 days from the filing of the petition. Meetings are held at 219 S. Dearborn, Chicago, IL

Trustee asks questions of debtor under oath

Most times no other parties appear except attorney, trustee and client

Client takes post-filing credit counseling class

Can be taken online or by telephone

Order of discharge entered

Order is entered automatically after about 3 months provided trustee does not object; all listed debts are discharged