A Chapter 7 case starts when the debtor files a petition with the bankruptcy court in Illinois. Any individual, partnership, or corporation can file Chapter 7 regardless of the amount of debt or whether the debtor is solvent or insolvent. The petition should be filed with the court serving the area where the debtor lives or where the principal place of business or assets of the debtor are located.
In addition to the petition, or shortly after the petition is filed, the debtor must file with the court several schedules listing current income and expenditures, a statement of financial affairs, all executor contracts, existing or potential lawsuits by or against the debtor, and any recent transfers of assets. If a debtor does not reveal a debt in these schedules, the bankruptcy court cannot discharge or cancel that debt. Any debt omitted from these schedules is called a non-scheduled debt and will not be discharged via bankruptcy. For further information, please contact your La Salle County Bankruptcy Attorney.
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