You’ve worked hard and hoped for a prosperous future. However, the COVID-19 pandemic has turned tables, leading you to this extremely hard situation financially-wise. And because of the coronavirus, the light at the end of the tunnel seems to be fading away. You should know that you’re not alone in this darkness.
Filing for bankruptcy despite sounding horrifying can offer a much anticipated relief for your family. We understand that learning about filing for bankruptcy in Illinois is not something you’re excited about. But if you’ve been long feeling that the time has come, explore the options and read more on the topic.
Wondering if filing Chapter 7 bankruptcy in Illinois can be budget-friendly? Absolutely. Sure, you will have to deal with typical expenses such as the court filing fee. But in case you’re not ready to invest in the services of a bankruptcy lawyer, go ahead and file on your own. Use the steps listed below as the foundation for your actions.
1. Prepare Docs & Complete Credit Counseling Course
Start by finding all the necessary files for filing for bankruptcy in Illinois. You’ll also need to complete a credit counseling course for the purpose of exploring all your debt relief options. That’s a must-do if you want to file a petition for relief in the US. Just make sure you complete this course approximately 5 months before you file bankruptcy. Otherwise, you’ll have to go through this enlightening procedure again.
2. Fill Out All the Necessary Forms
Whether you decide to go through this challenging stage personally or hire professional help is totally up to you. If you’re filing without an attorney, find a reliable free online collection of the most recent versions of all the necessary PDF forms (along with the instructions that go with them) and enjoy completing them without leaving the comfort of your home. In case the whole thing feels challenging, do hire an attorney to guide you through the process.
3. Print & File Your Forms
The hardest part of filing a Chapter 7 bankruptcy is now behind you. You can now print all the forms you’ve completed and submit them to the bankruptcy court. If you’re working on this with a lawyer, they’ll sort the whole thing out for you. If you don’t, avoid rushing this part. Print two copies of your files instead of one, just to keep one in your personal records.
4. Head to Court to File Your Forms
Don’t forget to bring a government issued picture ID with you. When you’re through with the filing procedure, they’ll assign a number to your Chapter 7 case. From now on, whenever your creditors get in touch with you, give them your case number and tell them you’re now under the protection of automatic stay.
Don’t treat the bankruptcy situation as your life’s most epic failure. Remember Abraham Lincoln? Well, he became bankrupt in 1833. And that didn’t stop him from becoming president some time later. Filing for bankruptcy in Illinois is a legal proceeding, so just focus on doing things right.