While it might seem crazy, whether you live in Rockford, IL or McHenry County, your bankruptcy will be filed at the same place. Therefore, the general information I am about to talk about pertains to BOTH McHenry County and Winnebago County.
What Happens When I File for Bankruptcy in Winnebago County or
McHenry County?
Many people ask me what happens after I file for bankruptcy? Do I have to go to court? Will my creditors appear at court and ask me lots of questions? In this post I will try to answer these questions and provide a basic understanding of what you can expect will happen after you file bankruptcy in either Winnebago or McHenry county.
How Cases are Filed
Many people think that their bankruptcy attorney is going to take some huge packet of papers to some big courthouse and file it with some clerk. This is not how it really works. Almost all attorneys file bankruptcies through electronic software. The filing is done by clicking a “submit” box. This means that your case is filed the minute it is submitted via the electronic software. This moment is very important, as it marks the beginning of many important processes in your bankruptcy.
The Automatic Stay!!!
The automatic stay is the legal term for the protection the bankruptcy court provides to people who file for bankruptcy. Basically, the automatic stay prevents ANYONE from trying to collect from you. This means that any lawsuit that is filed against you for a debt you owe will be stopped, any creditor who has been calling you daily must now stop, any garnishment must stop, any foreclosure must stop, you get the idea. This happens IMMEDIATELY upon filing. If you are unsure of whether a certain action will be stopped by the automatic stay contact your attorney and find out. If you don’t have an attorney, I strongly recommend you check out my firm. You can view my Google+ page here: Springer Law Firm Google+ Page.
Your Court Date (Well, not really)
One of the most common questions I get, is whether the person filing for bankruptcy will have to go to court for the bankruptcy. The answer is: Kind of. I know you probably hate this answer, but let me explain. When you file for bankruptcy (remember this is done when your attorney clicks the submit button for electronic filing) a Trustee is assigned to your case. The Trustee’s responsibilities are to make sure you understand what you are getting into, that you read and understood the petition that you filed, and ultimately to find out if there are any assets (property you own) that the Trustee could sell to pay back your creditors. In order for the Trustee to get all the information he needs, the bankruptcy law gives the Trustee a meeting where she/he is allowed to ask you questions about your case. This meeting is known as the 341 Meeting of Creditors.
The 341 meeting is not really court, but it may sort of feel like it. In Winnebago and McHenry Counties (there are more counties included in the Western Division as well, so talk to your attorney to find out where you file) the meeting is held in Rockford, IL. The address is actually 308 W. State St. room # 40. The office is located in the Stewart Square building, and is in the lower level. The Trustees schedule multiple meetings per half hour block, normally around 5-6 meetings. Doing the math, you can figure your meeting will probably last around 5 minutes. While the meeting is called the Meeting of Creditors, it is VERY RARE for any creditor or creditor attorney to show up. Probably only 1% of all cases or less have a creditor show up for this meeting. Generally the meeting is very simple and short. Generally, your attorney will meet with you before your meeting and go over the procedure you can expect. Again, if you don’t have an attorney, I recommend you look at my website: Springer Law Firm
Stay tuned for more posts. Any questions hit me up on the comments, or call me at the contact information on my websites!
What Happens When I File for Bankruptcy in Winnebago County or
McHenry County?
Many people ask me what happens after I file for bankruptcy? Do I have to go to court? Will my creditors appear at court and ask me lots of questions? In this post I will try to answer these questions and provide a basic understanding of what you can expect will happen after you file bankruptcy in either Winnebago or McHenry county.
How Cases are Filed
Many people think that their bankruptcy attorney is going to take some huge packet of papers to some big courthouse and file it with some clerk. This is not how it really works. Almost all attorneys file bankruptcies through electronic software. The filing is done by clicking a “submit” box. This means that your case is filed the minute it is submitted via the electronic software. This moment is very important, as it marks the beginning of many important processes in your bankruptcy.
The Automatic Stay!!!
The automatic stay is the legal term for the protection the bankruptcy court provides to people who file for bankruptcy. Basically, the automatic stay prevents ANYONE from trying to collect from you. This means that any lawsuit that is filed against you for a debt you owe will be stopped, any creditor who has been calling you daily must now stop, any garnishment must stop, any foreclosure must stop, you get the idea. This happens IMMEDIATELY upon filing. If you are unsure of whether a certain action will be stopped by the automatic stay contact your attorney and find out. If you don’t have an attorney, I strongly recommend you check out my firm. You can view my Google+ page here: Springer Law Firm Google+ Page.
Your Court Date (Well, not really)
One of the most common questions I get, is whether the person filing for bankruptcy will have to go to court for the bankruptcy. The answer is: Kind of. I know you probably hate this answer, but let me explain. When you file for bankruptcy (remember this is done when your attorney clicks the submit button for electronic filing) a Trustee is assigned to your case. The Trustee’s responsibilities are to make sure you understand what you are getting into, that you read and understood the petition that you filed, and ultimately to find out if there are any assets (property you own) that the Trustee could sell to pay back your creditors. In order for the Trustee to get all the information he needs, the bankruptcy law gives the Trustee a meeting where she/he is allowed to ask you questions about your case. This meeting is known as the 341 Meeting of Creditors.
The 341 meeting is not really court, but it may sort of feel like it. In Winnebago and McHenry Counties (there are more counties included in the Western Division as well, so talk to your attorney to find out where you file) the meeting is held in Rockford, IL. The address is actually 308 W. State St. room # 40. The office is located in the Stewart Square building, and is in the lower level. The Trustees schedule multiple meetings per half hour block, normally around 5-6 meetings. Doing the math, you can figure your meeting will probably last around 5 minutes. While the meeting is called the Meeting of Creditors, it is VERY RARE for any creditor or creditor attorney to show up. Probably only 1% of all cases or less have a creditor show up for this meeting. Generally the meeting is very simple and short. Generally, your attorney will meet with you before your meeting and go over the procedure you can expect. Again, if you don’t have an attorney, I recommend you look at my website: Springer Law Firm
Stay tuned for more posts. Any questions hit me up on the comments, or call me at the contact information on my websites!
RSS Feed