Recent Posts in Credit Counseling Category

  • When Should I File for Bankruptcy?

    Are you struggling to make ends meet under the weight of crippling debt? Are you constantly being harassed by creditors? If so, bankruptcy may be the source of relief you need. While many people shy away from the term “bankruptcy” due to its negative stigma, bankruptcy is an honorable and completely legitimate method for individuals to achieve a fresh financial start. But how do you know when it ...
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  • Chapter 7 Bankruptcy - Prefiling Requirements

    Prior to filing for Chapter 7 Bankruptcy, there are various documents that must be provided to your attorney in order to be able to complete your bankruptcy petition. Above anything else, you must provide your most recent 4 years of tax returns, the previous 6 months of paystubs, and statements from your bill collectors. In addition to these, those filing bankruptcy must complete a credit ...
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  • Five Things to Avoid When Preparing for Bankruptcy

    Although most people assume that the bankruptcy process begins when they file their petition with the court, it is important to understand that preparation is crucial to the success of your case. For this reason, our Chicago bankruptcy attorney encourages you to plan ahead as early as 180 days before filing. Not only will this help the process to move along as smoothly as possible, but it is an ...
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  • Is Pre-Bankruptcy Credit Counseling Mandatory?

    As of 2005, pre-bankruptcy credit counseling is a mandatory requirement when filing for bankruptcy in Illinois. This means that you will need to enroll in a counseling program that has been approved by the Department of Justice's U.S. Trustee Program before you can file your petition with the court. Should you fail to do so within the 180 days leading up to your personal bankruptcy, your case ...
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  • Common Bankruptcy Questions, Part V

    Our final installment covering commonly asked bankruptcy questions begins with a discussion of credit counseling. Most debtors wonder why, if they're already going to file bankruptcy, they must take a credit counseling course before they file. The credit counseling requirement was brought into existence with the 2005 amendments to the Bankruptcy Code. The class is required to be completed by each ...
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