Illinois bankruptcyattorneyIt is natural to feel somewhat anxious at the thought of going through a bankruptcy, particularly if you are not sure what to expect. You may have heard about a ‘meeting of creditors’, which sounds intimidating. The fact is that this is a routine matter, and far less dramatic than it sounds. The following outlines what you can realistically expect during this meeting, and the questions your attorney will review with you to ensure you are prepared.

341 Meeting or Meeting of Creditors

Once you have opted to go through the process of bankruptcy as a way of dealing with your financial situation, we will collect the necessary documents and information regarding your possessions and the types of debts that you owe. After your bankruptcy petition is completed, it will be filed with the local court. Prior to having it approved and finalized, you will be required to attend a meeting with your creditors before the local trustee, otherwise known as a 341 meeting. This name comes from the section within the U.S. Bankruptcy Code in which laws requiring the procedure can be found.

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Illinois bankruptcy attorneyEither through a home or office based business or contracting out services, small, privately owned companies can present lucrative opportunities. At the same time, they can also require a heavy investment of both time and money. If sales goals are not reached, you could find yourself being harassed by creditors while struggling to pay your company’s debt. In this situation, small business bankruptcy is an option you may want to consider. While there are immediate impacts on your credit rating, these can be overcome. In the long run, bankruptcy can provide you with the fresh start you need to make your business a success.

Bankruptcy for Small Businesses

According to reports from the Small Business Administration (SBA), roughly 30 percent of all new businesses in the United States fail within the first two years, while only half end up making it to the five-year point. This is likely due to a combination of factors, such as high setup costs, unreached sales goals, and problems with advertising and targeting potential clientele. The good news is that if you can get past initial hurdles during these years, the greater the odds that your business will eventually be a success.

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Illinois bankruptcy attorneyNext to a home mortgage, student loans are among the largest debts that most people owe. While government regulations had made it easy over the past several decades to obtain financing for educational purposes, you can find yourself paying tens of thousands of dollars for a degree you never got or rarely use. While student loan debt is typically excluded from bankruptcy proceedings, there are certain limited situations in which your debt may be discharged and eliminated.

Student Loan Debts

A March 2017 Time/Money report states that the easy availability of student loan aid has made it easy to go back to school in order to further your career goals. Unfortunately, a sluggish job market and a lack of well-paying positions mean much of this debt ends up going unpaid.

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Illinois bankruptcy attorneyPeople struggling to pay their debts often have the misperception that bankruptcy represents a failure in managing their income or personal finances. The fact is, nothing could be further from the truth. Laws enabling consumers to file for bankruptcy were created to provide honest, hard working people a fresh start. Rather than being something negative that jeopardizes your future ability to get credit or obtain a loan, when filed at the right time and under the right circumstances, it provides a way of stabilizing an otherwise bad situation, ensuring your financial future is more secure.

Knowing When to File for Bankruptcy

Under Title 11 of the U.S. Bankruptcy Code, there are two types of bankruptcy you may want to consider if you are struggling with personal debt.

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Illinois bankruptcy attorneyWhen filing for bankruptcy in Illinois, you are required to complete online credit counseling before your petition can be filed with the bankruptcy court. This is a mandatory part of the bankruptcy process, and you will be issued a completion certificate that must be included among your other bankruptcy documents being filed. The following provides some basic information about obtaining this counseling, answering some of the common concerns that clients often have.

About Pre-Bankruptcy Credit Counseling

The Federal Trade Commission (FTC) advises consumers that in order to take advantage of the protections offered through bankruptcy, they must complete a credit counseling course within 180 days prior to filing. It is used to help determine whether you are a good candidate for bankruptcy, or whether your debt issues could be resolved through some other means.

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