Avoid Mistakes When Planning and Filing Illinois Bankruptcy Cases

The best-planned bankruptcy cases go unnoticed. A few debtors glide through the system without attracting attention and receive full discharges in record time. Luck is not involved, but rather each successful debtor begins planning strategically a few weeks or months in advance. These debtors know something that you don’t.

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Illinois Bankruptcy Lawyers - "When does a bankruptcy discharge occur?"

The average time required to receive a discharge varies according to chapter selected and a bankruptcy lawyer's ability to gain approval from the trustee and court. Chapter 7 discharges for typical consumer cases occur 4 to 6 months after filing a petition. In Chapter 13 cases, discharge of debts that are designated in the plan for partial payment are discharge after plan completion which ranges from 3 to 5 years from first payment. In chapter 11 cases, liquidated portions of debt occur upon the confirmation of the plan by the court. Although both chapter 11 and 13 cases require plan confirmation for reorganization of debts, the actual discharge occurs at different times.

Illinois Bankruptcy Lawyers - Trustees

The discharge in all cases occurs only with court approval after objections filed by creditors, their bankruptcy lawyers, and the trustee are resolved. After the court determines that the debtor and their bankruptcy lawyer satisfied all code requirements, and resolved all valid objections, a hearing is required for the court to grant discharge. If no objections remain, the may conduct discharge hearings administratively, that is, without the necessity of the debtor or their bankruptcy lawyer attending, and the resulting order granting discharge is mailed to debtors and/or their bankruptcy lawyers.

Requirements for discharge and confirmation are complex. Bankruptcy lawyers must carefully construct a financial history for each client before recommending any course of action. Because financial histories are unique, available options under the Code vary. Also, bankruptcy lawyers frequently arrive at different conclusions regarding available options, based on each bankruptcy lawyer's level of experience and expertise. All debtors who have questions regarding discharge and confirmation through the Illinois federal court system should compare the advice of several bankruptcy lawyers to establish the range of options available.

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