Bankruptcy:During the Process

Assignment of Claim
If you receive an assignment of claim, this means simply that one of your creditors has sold or transferred one of your debts to a different creditor. Creditors have the legal right to sell debts to another party and this has no effect on your case. The amount of money remains the same and this claim comes to you for your records. You don’t have to do anything.

Trustee Summary Review
Every six months the bankruptcy Trustee sends you a review of your case. This shows you how much your creditors have been paid to date. Your Chapter 13 bankruptcy can run from a minimum of three years to a maximum of five years.

New Debt After Filing
The only debts that you can include in your bankruptcy are debts that you incurred before you filed for bankruptcy. If you have new debts that you’d like to discharge, the only way is to convert your Chapter 13 filing to a Chapter 7 bankruptcy. This is not always possible, so make sure you discuss it with me. As your bankruptcy lawyer, it is my job to guide you through the bankruptcy process and assist in any way I can.

Trustee’s Letter
If you received something from the bankruptcy Trustee, it likely was not a letter. Instead, it is probably a motion scheduling a hearing before the bankruptcy Court. This motion could involve a problem with your mortgage payments or bankruptcy payments. You might have fallen behind on your payments or made those payments past the due date. If this happens, call me and I’ll explain what we should do. Again, As an experience Illinois bankruptcy attorney, it is my job to help you with the details of your bankruptcy.

Job Loss
If you lose your job, you still have to make sure the Trustee receives your payment every month. So if you get laid off or fired, you still need to pay the Trustee. Otherwise, your case could be dismissed.

I provide this information to assist people in financial distress learn about how bankruptcy in Illinois works. As a Chicago bankruptcy lawyer and financial rescue expert, I am dedicated to assisting people with serious money problems and have helped thousands of clients through bankruptcy. Please allow me to help you solve your debt and credit problems, improve your financial future, and make a fresh start.