Bankruptcy FAQs
With more than 15 years of experience in the area of bankruptcy law, attorney Brian G. Hiatt has heard many questions from people concerned about whether bankruptcy protection is a good choice for them. He hopes to provide information for people who might be unsure about whether to speak with a lawyer about their financial issues.
Won’t filing for bankruptcy destroy my credit for good?
No. Filing for bankruptcy will have a temporary, short-term negative impact on your credit, but the effect of this will be limited as you will be able to quickly begin rebuilding your credit. On the other hand, by continuing to struggle from bill cycle to bill cycle, you might actually do worse long-term damage to your credit score by continuing to miss payments and defaulting on your loan obligations.
How long will it take for my bankruptcy to be finalized?
There is no guaranteed timeline for every single bankruptcy, but I can help most clients finalize their bankruptcies within three months. I know my clients are eager to get through the process as quickly as possible and move on with their lives, and I want to help make that happen.
Will my creditors be able to object to or stop my bankruptcy from being approved?
Technically, they can try, but this rarely happens. As part of your bankruptcy, you will have to attend a meeting referred to as a meeting of creditors or 341 hearing. This is when you meet with your bankruptcy trustee, who will go over your assets and debts and review the proposed terms of your bankruptcy. (If you file for Chapter 13, he or she will also verify that you can afford to pay back some of your debts.) Creditors are invited to attend this meeting and contest a proposed settlement, but they almost never attend.
Will I have to go to court?
The meeting of creditors mentioned above is usually all that my clients are required to attend. This is not a court hearing, but rather a meeting with a bankruptcy trustee. These meetings normally take place in private conference rooms.
More Questions? Ready To Begin The Process? Contact Brian G. Hiatt Today.
Speak with Illinois personal bankruptcy attorney Brian G. Hiatt, to learn about debt management and see if you qualify for bankruptcy protection. Call 815-304-5441 or contact the firm by email to schedule a free consultation today.
Brian G. Hiatt’s law firm is a debt relief agency. It helps people file for bankruptcy relief under the Bankruptcy Code.