Before filing for bankruptcy, individuals are required to complete a pre-bankruptcy credit counseling course. Courses are designed to help filers understand the bankruptcy process, its lasting effects, and provide filers helpful tips on how to avoid financial risk in the future.
When meeting with your bankruptcy attorney to evaluate your financial situation and potential eligibility for chapter 7 or chapter 13 bankruptcy, he or she will provide you with information regarding pre-filling counseling.
The course is typically around 90 minutes in length, costing anywhere from $20 to $50 dollars, with fees waived in some circumstances. The course itself will present the advantages and disadvantages of filing bankruptcy and offer alternatives such as debt management to help you determine if bankruptcy is the right strategy for you.
Upon completion of the course, eligible individuals may file bankruptcy which can take anywhere from three to six months for a chapter 7 “liquidation” bankruptcy or three to five years under a chapter 13 “repayment plan”.
Before debt is discharged in a bankruptcy, filers will complete pre-discharge counseling which offers valuable financial education to help filer manage their finances in the future.
When you have questions regarding Illinois bankruptcy protection, contact the law office of Charles E. Covey for a free consultation at 309-674-8125.
