Jeffrey A. Bivens, PC

BANKRUPTCY, DISABILITY AND DIVORCE attorney


4855 E. STATE ST.,  ROCKFORD, IL 61108 - Chapter 7 Bankruptcy Frequently Asked Questions

How much do you charge for your services?

My fees are among the lowest in the area, but vary by the type of bankruptcy filed.  There is no charge for an initial consultation, and appointments are usually  available  within 48 hours of your call.  A

lot of times, I can even get you in the same day.


What is the difference between a Chapter 7 and a Chapter 13?

A Chapter 7 is a debt elimination, and a Chapter 13 is kind of like a debt consolidation, where you repay your creditors over a three - to - five year time period.


Why would anyone choose a Chapter 13, when they could eliminate their debts in a Chapter 7?

If you are behind on your mortgage and/or car payments, you will usually lose them by filing a Chapter 7.  If you have the ability to get caught up on your mortgage (or car) but the bank will not work with

you, you can force them to accept payments through a Chapter 13 and retain possession.  In addition, not everyone will qualify for a Chapter 7.  There is a "Means Test" that must be passed to file a

Chapter 7 and if you do not pass the "Means Test" due to excess household income, a Chapter 13 my be right for you.


Will I lose my property by filing a Chapter 7?

Most people do not lose anything by filing a Chapter 7.  There are certain exemptions under Illinois State law that allows you to put certain property outside the reach of creditors.


Will Bankruptcy eliminate all of my debts?

Some  debts cannot be discharged (or eliminated) through the bankruptcy process.  These include child support, maintenance (alimony), most taxes and most student loans.  In addition, if you reaffirm

a debt such as a car loan or a mortgage, that will survive your bankruptcy filing too.  Your obligation to repay these debts will continue even after filing bankruptcy.


Will I have to go to court?

Everyone who files a bankruptcy will have to attend a "meeting of creditors".  This is conducted by a bankruptcy Trustee that is appointed to oversee your case., and i held in an office building in

downtown Rockford for eight of the ten counties in the Northwest part of the State of Illinois.  In Lee and Whiteside counties, this is held in the Sterling coliseum in downtown Sterling.  The Trustee

monitors compliance with the Bankruptcy Code and is looking for assets that can be taken away and given to your creditors.  Approximately  99% of cases are "no asset" cases and there is  nothing to

be taken away.  Creditors usually do not even bother to attend this meeting


Are there mandatory requirements either before or after I file?

Yes.  You must undergo mandatory credit counseling prior to filing and and take a class on personal financial management after filing.  Both can be done over the internet for a small fee.


We are a debt relief agency.  We help people file for bankruptcy relief under the Bankruptcy Code.


Questions?  I will answer those specific to your situation.  Call Jeffrey A. Bivens, PC today at (815) 399-2299 for your free initial consultation at 4855

E. State St., Rockford, IL 61108