Bankruptcy Attorney in Naperville
The legal framework for bankruptcy has its roots at the start of the 19th century, but it wasn’t until 1978 that the Bankruptcy Code was enacted to grant individuals relief from debt. Since that time, federal and state bankruptcy laws have evolved considerably, and today, they are quite complex. At Cutler & Associates, Ltd., bankruptcy cases are all we do. Our bankruptcy attorneys offer residents in the Naperville, IL area their in-depth knowledge and hands-on experience to debtors to guide them through the debt discharge process.
Basic Bankruptcy Laws
Although most bankruptcy filers are hardworking, honest people who became trapped in a difficult situation, there are a few exceptions, which is why there are regulations against fraud. Your bankruptcy attorney will ensure you’re aware of all relevant regulations to prevent you from inadvertently violating any of them, which would jeopardize your petition. Some examples of bankruptcy fraud are:
- Creation of a false document
- Destruction or concealment of documents
- Concealment of a property transfer
- Failure to list total assets
- The purchase of luxury items prior to filing
- Prior to filing, the intentional issuance of a bad check
- Prior to filing, the overstatement of income to secure credit
Bankruptcy Filing Requirements
Going through bankruptcy can be a lengthy, exhausting process. At Cutler & Associates, Ltd., we try to make it as easy and stress-free as possible for you. We can even point you in the direction of local financial course providers, so you can fulfill your pre-filing and pre-discharge obligations. Before filing your petition, you’re legally required to complete a credit counseling course from an approved provider. You’ll give your attorney the certificate of completion to attach to your petition. After the petition is filed, and before your debt is discharged, you’ll complete a separate debtor education course. If you’re filing a joint petition with your spouse, he or she will also need to complete these courses.
Purpose of Bankruptcy
Bankruptcy laws were enacted with the intention of giving debtors a way to rebuild their lives. Most people who file for bankruptcy genuinely want to satisfy their financial obligations themselves, but aren’t able to. Bankruptcy offers a solution for individuals who are trapped in a vicious cycle of high interest rates, sky-high debt, and bad credit scores.