What is Bankruptcy?
Bankruptcy is a legal process by which an individual who cannot pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you (the “automatic stay”), at least until your debts are sorted out according to the law or they get relief from the automatic stay to protect their interest in any secured property.
How can I get a copy of a bankruptcy filing?
What Does It Cost to File for Bankruptcy?
It now costs $306 to file for bankruptcy under Chapter 7 and $281 to file for bankruptcy under Chapter 13, whether for one person or a married couple. The court may allow you to pay this filing fee in installments if you cannot pay all at once. If you hire an attorney you will also have to pay the attorney’s fees you agree to.
Contact Our Schaumburg IL Law Firm
Do you have more questions about bankruptcy in Cook County? Please contact our Schaumburg IL law firm for more information and to schedule a consultation.