Bankruptcy Laws Explained
With all of the debt relief options available, you may be confused. Filing bankruptcy is still the most effective debt relief option for many people. Some of these requirements may seem confusing. It is no accident; some of the more recent requirements are designed to confuse individuals struggling with large debts.
You want to work with a lawyer who can explain the laws so that you can make an informed decision about filing for bankruptcy. Call us at the Bankruptcy Clinic, a law firm located in Rockford, Illinois. Lawyer Gary C. Flanders personally advises and works with each client throughout the process.
The Elements Of How A Bankruptcy Works
Our attorney will explain:
- The credit counseling requirement
- The bankruptcy “means test” and how it may apply to you
- Chapter 7 filing requirements
- Chapter 13 filing requirements
Federal law requires that all information provided in connection with a bankruptcy case be complete, accurate and truthful. The bankruptcy forms filed with the court are signed under oath and must be prepared and reviewed with attention to detail, to ensure their accuracy.
The bankruptcy code provides for “debtor audits,” which means that people who file for bankruptcy relief may have their financial submissions checked to verify the accuracy of their bankruptcy disclosures. It is a federal crime to omit assets or otherwise provide false information in connection with a bankruptcy case.
For most people, these requirements change nothing, but they reinforce the need for accuracy when filing for bankruptcy protection.
Contact us at the Bankruptcy Clinic, at 815-962-7084 or send us an email to discuss your financial situation to determine whether Chapter 7 personal bankruptcy or Chapter 13 debt reorganization or debt consolidation is best for you.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.