Bankruptcy FAQs – About Bankruptcy

Illinois lawyers providing legal services for clients in Cook, DuPage, Kane and Will counties

The Bankruptcy Attorneys at the Law Offices of Steven H. Mevorah & Associates answer questions clients frequently ask, when seeking debt relief through bankruptcy.

How much debt is required to file for bankruptcy?

No specific amount of debt is required to file for bankruptcy. Temporary financial troubles probably won’t warrant bankruptcy action. In some situations, arrangements can be made with individual creditors to reduce your amount due. Because filing for bankruptcy affects finances significantly for several years, bankruptcy usually is reserved for serious debt problems after other remedies have been exhausted.

Do I have to go to court?

You usually do not have to go to court when filing for bankruptcy. You are required to attend a Creditors’ Meeting (§341 meeting) with your lawyer, the trustee and any creditors who attend. The trustee asks questions about your financial situation and debt. The meeting is held approximately 40 days after filing the bankruptcy petition. However, if you decide to dispute a debt, you might have to appear before a judge for a hearing. Also, if complications arise, under certain circumstances you might have to appear in court, but you would receive notification from the court in that case.

How soon will creditors stop calling after I file for bankruptcy?

Creditors and collection agencies must cease all collection attempts once they are aware of the bankruptcy. They usually receive notification several weeks after a bankruptcy petition has been filed. When you file a bankruptcy petition, the court notifies all creditors listed in your bankruptcy schedules. If a lawsuit is pending, your lawyer should contact the creditor bringing suit immediately after filing. Also, you may inform creditors that you have filed for bankruptcy and provide them with your case number. The court may sanction creditors who continue collection after notification of bankruptcy.

What is the filing fee for bankruptcy in Illinois?

Illinois filing fees are currently $200 for Chapter 7 and $185 for Chapter 13, which apply to either one person or a married couple. On occasion, the court allows filing fees to be paid in installments. Attorney fees are arranged with individual attorneys based on the hiring agreement.

Can I file for bankruptcy more than once?

Yes, but within the following time limitations:

Chapter 7. Eight years from a previous Chapter 7 filing; six years from a prior Chapter 13 filing
Chapter 13. Four years from a previous Chapter 7 filing; two years from a prior Chapter 13 filing

How does my bankruptcy filing affect a co-signer?

Your co-signer on a loan may have to pay your debt if you file for bankruptcy.

Will I lose my house if I file for bankruptcy?

You may keep an exempt amount of equity in your home. If your equity does not exceed the exemption and you are current on your mortgage payments and can continue to pay them, you typically can keep your house.

Can I keep my car in a bankruptcy?

The Bankruptcy Code exempts a certain amount of equity in a vehicle. If your payments and insurance are current, you may retain your vehicle through the bankruptcy process if you do not significantly exceed the exemption amount.

How long will bankruptcy remain on my credit report?

Bankruptcy may remain on your credit report no longer than 10 years, under provisions of the Fair Credit Reporting Act.

If I file for bankruptcy, can I discharge my student loans?

Government-issued student loans are categorized as priority debts and are not dischargeable in bankruptcy.

When you have exhausted all means to settle your debts, an experienced bankruptcy attorney can provide valuable legal advice and guidance. Call our office to arrange an appointment. There is no charge for an initial consultation to explore your legal options. We have offices conveniently located in Lombard, Bloomingdale and Chicago. Evening and weekend appointments are available.

'Steven H. Mevorah & Associates did a very good job, taking care of my Bankruptcy. I couldn’t have asked for a better firm. I would recommend your firm to family or friends.'
- D. W.

'We would like to thank Steven H. Mevorah and Assoc. and especially [our attorney] for helping us through a difficult time in our lives. Everyone in the office was very helpful and we will recommend this firm to our friends and family.'
- J. V. & C. V.

'I would like to thank the entire staff, especially [the paralegal on our case]. She was a great help. I have recommended a client already.'
- T. C.

'I feel the services I received far exceeded my expectations for the price I paid. All of my questions were answered promptly and I was always shown courtesy in my dealings with the attorneys and staff. I would definitely recommend this firm to anyone in need of assistance.'
- K. V.

'I highly recommend Steven H. Mevorah & Associates for their consistent proficiency, professionalism and outstanding knowledge in the handling of my case. They worked hard and were so organized, which enabled them to use the correct precision in making sure that nothing was omitted. Thank you to [my attorney and his paralegal] for closing my case with an outstanding outcome. I will ALWAYS be grateful, and will recommend Steven H. Mevorah to my friends.'
- A. S.

'I have used Steven H. Mevorah & Associates twice now and they did a great job in both cases. I will definitely recommend them to any family or friend in need.'
- G. M.

'I would like to thank [my attorney and his paralegal] personally for their hard work on my case. They answered all my questions quickly and to the point. I will definitely use your law office for any future issue that I may need. [I] will also recommend you to my family and friends. Thanks again for your excellent service.'
- M. C.

'[We] just wanted to say thanks for a job well done – your staff did a great job as well. It was scary to go through that, but it turned out well. Thanks again.'
- R. U. & V. U.

'Thank you to [my attorney] & the Steven H. Mevorah & Assoc. staff. You helped my husband & I during a hard financial period; get back on track. Thank you again.'
- C. W.

'Thank you very much for all of your help, your staff was great.'
- R. A.

'Steven H. Mevorah & Associates made a difficult situation fast and painless. I truly appreciate their help and expertise. I would definitely recommend their services.'
- M. B.

'I would like to thank [my attorney] with Steven Mevorah & Associates for all my legal needs. He helped me understand options I had with my case. He answered all my questions no matter how big or small. I will definitely use Steven Mevorah & Associates with any future legal needs. Thanks again. You Rock!'
- B. R.

'I would like to thank my attorney for the efficient, timely manner in which he handled my case. He answered my questions and put me at ease. This is the second time I have used Steven H. Mevorah & Associates and would do so again.'
- D. S.

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