Illinois Sample Letter for Fee Structures for Bankruptcies Dear [Bankruptcy Attorney/Trustee/Entity], I am writing to inquire about the fee structures for bankruptcies in the state of Illinois. As I am considering filing for bankruptcy, it is crucial for me to understand the various fee types and structures that exist in order to make an informed decision. In Illinois, there are primarily two types of bankruptcies individuals can file: Chapter 7 and Chapter 13. Therefore, I am seeking detailed information on fee structures associated with both types, as they may vary. For Chapter 7 bankruptcies, which involve the liquidation of assets, it is essential to clarify the breakdown of fees. These may include attorney fees, court filing fees, and any expenses related to credit counseling or debtor education courses that are mandatory in bankruptcy cases. Additionally, it would be helpful to understand if attorney fees are usually fixed or if they are based on an hourly rate, flat fee, or a percentage of the debt involved. When it comes to Chapter 13 bankruptcies, which involve a repayment plan over a specified period of time, fee structures may differ from Chapter 7. It would be beneficial to know the details of attorney fees, court filing fees, and any additional costs associated with developing and administering the repayment plan. Moreover, if there are any other types of bankruptcies specific to Illinois, such as Chapter 11 or Chapter 12, it would be valuable to understand the fee structures applicable to these cases as well. Please provide a breakdown of the fees associated with each type of bankruptcy if multiple fee components exist. It would also be helpful if you could disclose any potential discrepancies in fee structures between different bankruptcy districts within Illinois. Additionally, I kindly request you to provide information on any possible fee waivers or installment plans available for individuals seeking bankruptcy relief. Understanding the options for those experiencing financial hardship due to bankruptcy will greatly assist me in making an informed decision. Thank you for considering my request. I appreciate your prompt attention to this matter. Should you require any further documentation or information, please do not hesitate to contact me. I look forward to your response. Sincerely, [Your Name]
Illinois Sample Letter for Fee Structures for Bankruptcies
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FAQ
Bankruptcy is a legal process by which you may be discharged from most of your debts. Its purpose is to permit an honest, but unfortunate debtor to obtain a discharge from most debts, subject to reasonable conditions.
The Minimum Percentage of Debt Repayments In A Chapter 13 Bankruptcy Is 8 To 10 Percent.
Disposable Income and Chapter 13 If you are filing for Chapter 13, the answer is no, not for the duration of the process. The court will calculate your necessary expenses (food, utilities, etc.) and that will be the amount of money you retain once your payment plan obligations are met.
Chapter 13 cases can be filed for no money down because the attorney fees and court costs can be rolled into a 3-5 year repayment plan. While you're at it, you can also wipe away all of your other unsecured debt (credit cards, medical bills, payday loans, old collections, etc.).
At the end of the process, most of your debts will be discharged and you will no longer be under any obligation to repay them. However, certain debts, like student loans, child support, and taxes, cannot be discharged. Chapter 7 is generally chosen by individuals with lower incomes and few assets.
Funds received after the date of an Order of Dismissal or an Order of Conversion in a confirmed case and after the Trustee has closed the case will be disbursed directly to the debtor(s). These refunds will be generated once per month, near the end of the month, prior to the regular disbursement cycle.
