Contemplating Bankruptcy

Posted On: September 2011


Editor: Tiffany Brewington

Q: Is there anything I should not do if I am contemplating bankruptcy?

A: There are several areas related to this question. First and foremost, you should consult your attorney. Under bankruptcy law, certain luxury purchases made within 90 days of the bankruptcy filing and certain cash advances taken within 70 days of the bankruptcy filing are presumed nondischargeable. In some instances, these purchases and advances are made for good reasons and are exempted. However, your attorney will advise you on these matters, depending on the type of bankruptcy you file. Who notifies the creditors and bill collectors about the bankruptcy filing?

After your bankruptcy is filed, the Court mails a notice to all the creditors listed in your schedules. This usually takes a week to ten days. If this is not soon enough, you should have your attorney inform the creditors immediately. However, you must list all your creditors and correct addresses in order for the court to give the proper notice.

If you have received any communication from the creditors in the 90 days prior to filing the bankruptcy, the creditor must be provided notice of the filing at the address on the communication. This is very important information, and should be provided to your attorney prior to the bankruptcy filing so the attorney can correctly list all the appropriate addresses.

For all your Bankruptcy-related questions, contact Illinois Bankruptcy Attorney David M. Siegel here or call (847) 520-8100.

Posted On: September 2011

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