Full Financial Disclosure
Aurora Illinois Bankruptcy Lawyers & Attorneys
Jesse Barrientes: It's important too because a lot of times people come in and they don't want to complete the intake form, and that's true whether or not you come see you, me, or anybody else. It's extensive, and it requires a lot of information. It's better if you get a copy of it, or ask for a copy to get it faxed to you, e-mailed to you, before you come on in, but it's important. People need to know. I can't divine what your situation is. I had somebody come in and they didn't put their income down. The person told me, "I don't know what it is." I said, "Well, you're in a better position, sir, to be able to guestimate, or whatever, with respect to your income than I am. I can't pick something out of the air." So it's important for you to be prepared, and I understand it's a lengthy form, but this is the first step of the rest of your life if you're going to be able to qualify for one or the other. This is an important step for you to take to be able to get out of the situation you're in, and it's going to require you to complete that form. So complete it, don't complain about it. If you have questions, very often other attorneys will have help for you to complete the form.
David Siegel: Right. Realistically, it can take anywhere from 10 to 20 minutes to fill out the form, but you need that information as attorney to be able to determine whether or not they qualify for which chapter, whether or not bankruptcy's even a good idea, and then you also have to point out certain things as you're going through their questionnaire.
Jesse Barrientes: Sure.
David Siegel: For example, once they write down they have a student loan, you're going to want to tell them right off the bat that that's not something that's going to go away. It's actually helping you advise them, and it's helping them to understand which chapter's appropriate. So definitely, fill out the forms, get all your information to your attorney, and be honest. Don't neglect to tell the attorney that you have a piece of land in Wisconsin worth $50,000.00, because they will find out about it.
Jesse Barrientes: Sometimes they do that at the end of the consultation, Dave, after you've gone through everything.
David Siegel: Right. That's when you switch them from a Chapter 7 possibility to possibly a Chapter 13.
Jesse Barrientes: Unless they want to get rid of the property.
David Siegel: Jesse, what's the total process for – real quickly – on start to finish Chapter 7 bankruptcy?
Jesse Barrientes: I would say on the longer side of 45-ish. Wouldn't you say, Dave, something like that?
David Siegel: Yeah, sounds good. A lot of the information's available in Chapter 7 Success which is available free through a consultation. My name is David Siegel. Thanks for joining us as we covered bankruptcy and Chapter 7. We'll see you next time. Dave Siegel along side Jesse Barrientes. Thank you.
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See Also:
Chapter 7
Misconceptions about Chapter 7
Life after Chapter 7 bankruptcy
Privacy is protected in bankruptcy
Household income qualifications
Converting Chapter 13 to Chapter 7
Converting Chapter 7 to Chapter 13
Chapter 13
Using Chapter 13 to save a home
Choosing Chapter 13 versus Chapter 7
Debt consolidation & late fees
Administrative fees & the bankruptcy trustee
Chapter 13 payment plan dismissal
