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Give me a call if you are looking to file.  If you are doing your own bankruptcy attorney search, I practice in the Northern District of Illinois, Chicago and Rockford locations.  I give free Chapter 7 and Chapter 13 advice.  Call now.  312-346-7400

Free strategy sessions

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There are both pros and cons to reaffirming a debt. Some of the pros include:

• You will keep the asset that is collateral for the debt. For example, if you reaffirm your car loan, you will keep your car.
• You may be able to negotiate more favorable terms for the debt. For example, you may be able to get a lower interest rate or a longer repayment term.
• Reaffirming a debt can help you rebuild your credit after bankruptcy. Timely payments will be reported on your credit report.

Some of the cons of reaffirming a debt include:

• You will be liable for the full amount of the debt, even if the value of the asset that is collateral for the debt has decreased. For example, if you reaffirm your car loan and the value of your car has decreased, you will still be liable for the full amount of the loan, even if you cannot sell your car for enough money to cover the loan.
• You may lose the asset that is collateral for the debt if you cannot make the payments. For example, if you reaffirm your car loan and you cannot make the payments, the lender may repossess your car.
• Reaffirming a debt can make it more difficult to get approved for new loans in the future.
• Even if the lender allows you to keep paying on the debt after bankruptcy, your payments will not be reported on your credit report, since the debt was discharged in the case.

Overall, whether or not to reaffirm a debt is a decision that should be made on a case-by-case basis. Generally, you would only reaffirm a secured debt, such as a car or a home. Absent very unique circumstances, it is generally not permissible to reaffirm an unsecured debt. You should carefully consider the pros and cons of reaffirming a debt before making a decision. Keep in mind, reaffirmation agreements are only available in Chapter 7 bankruptcy cases. Also, there is a limited time to change your mind, called a rescission, so talk to your lawyer if you have changed your mind.

Can you reaffirm a debt after discharge? Not in the Northern District of Illinois. Don’t let a creditor tell you that you need to reopen your case and file a reaffirmation. It can’t be done.

Finally, in the Northern District of Illinois, the court must approve a reaffirmation. They want to see that it is reasonable, necessary, and affordable. Always, talk to your lawyer for specific advice about a reaffirmation.

The post Should I reaffirm a debt in bankruptcy? Warning! appeared first on Chicago Bankruptcy Lawyer.

Are you considering filing for Chapter 7 bankruptcy but don’t know where to start? We’ve got you covered. Not only can it provide much-needed relief from debt, but it can also be a straightforward process if you have the right information. In this blog post, we’ll cover all you need to know about how a Chapter 7 bankruptcy case works. We’ll look at what it is, the requirements to file, and how to get the ball rolling. With the right advice, you can commence the process with confidence and be on the path to financial freedom.

Filing for bankruptcy can be a daunting task, but it doesn’t have to be.

If you’re considering filing for Chapter 7 bankruptcy, you’re likely struggling with a lot of debt. Maybe you’re behind on your mortgage or car payments, or you’re dealing with credit card debt, medical bills, or personal loans. Whatever the case may be, you’re not alone. In fact, according to the American Bankruptcy Institute, more than 775,000 people filed for Chapter 7 bankruptcy in 2019 alone.

While the thought of filing for bankruptcy may be overwhelming, the process doesn’t have to be. In this blog post, we’ll cover everything you need to know about how a Chapter 7 bankruptcy case works. We’ll look at what it is, the requirements to file, and how to get the ball rolling. With the right advice, you can commence the process with confidence and be on the path to financial freedom.

What is Chapter 7 bankruptcy?

Chapter 7 bankruptcy is also known as liquidation bankruptcy. It’s the most common type of bankruptcy filed in the United States.

Under Chapter 7, a trustee is appointed to sell your nonexempt assets and use the proceeds to pay your

debt. However, most people who file for Chapter 7 bankruptcy don’t have any nonexempt assets, so their creditors don’t receive anything.  Your bankruptcy attorney can advise you how they can protect your belongings. 

Chapter 7 bankruptcy can provide relief from overwhelming debt and a fresh start financially.

The requirements to file for Chapter 7 bankruptcy

There are a few requirements you’ll need to meet in order to file for Chapter 7 bankruptcy. First, you must complete a means test. This test will determine if you qualify for Chapter 7 based on your income and expenses.

If your income is below the median income for your state, you will automatically qualify. If your income is above the median income, you’ll need to complete the means test to see if you qualify.

You’ll also need to complete credit counseling from an approved provider. This can be done online, over the phone, or in person. Once you’ve completed credit counseling, you’ll receive a certificate that you’ll need to file with your bankruptcy petition.

How to get the ball rolling on your Chapter 7 bankruptcy case

Now that you know a little bit more about how a Chapter 7 bankruptcy case works, it’s time to get the ball rolling on your own case.

The first step is to find an experienced bankruptcy lawyer who can help you navigate the process. Your lawyer will be able to answer any questions you have and help you determine if Chapter 7 bankruptcy is right for you.

Once you’ve found a lawyer you’re comfortable with, they’ll help you gather the necessary documentation and file your petition. From there, the bankruptcy process will commence.

It’s important to keep in mind that each case is different, so the amount of time it takes to complete the process will vary. However, with the help of a qualified bankruptcy lawyer, you can rest assured that you’re in good hands.

If you’re struggling with debt, filing for Chapter 7 bankruptcy may be the best option for you. With the help of an experienced bankruptcy lawyer, you can get the process started and be on your way to financial freedom.

While the thought of filing for bankruptcy may be overwhelming, the process doesn’t have to be. With the right advice, you can commence the process with confidence and be on the path to financial freedom.

Reach out to us now for a free bankruptcy consultation. 

The post How a Chapter 7 bankruptcy works appeared first on Chicago Bankruptcy Lawyer.

Do your credit card balances seem to stay the same?   

Are you missing payments and getting collection calls? 

Now is a good time to draw the line in the sand, take action, and get a fresh start for 2020 with a chapter 7 bankruptcy case.  

The process will take about 90 days, with most of the steps done over the phone or by email.   Schedule a free consultation with me, Terry Leeders, a prominent Chicago bankruptcy lawyer with over 20 years of bankruptcy experience. 

I will go over your filing options, show you how you can be out of debt in 90 days, and will walk you through the filing process.   I try to make things as easy as possible.  I’ll give you a client folder with case instructions, a document checklist of needed items, and other useful information.  Our secure client portal will make paying fees and uploading documents simple.  

Stop the collection calls, stop the harassment, and take the upper hand when dealing with your credit.  A fresh start is just 90 days away, and I’ll be there by your side guiding you to get the results you deserve. 

The post 2020 New Years Resolution – GET OUT OF DEBT appeared first on Chicago Bankruptcy Lawyer.

SCHEDULES

A debtor fills out the bankruptcy paperwork and forms when filing a bankruptcy case.  These forms are the Bankruptcy Schedules.   Bankruptcy schedules list all of the assets a debtor owns.  These schedules also list all of the debts that the filer has.  Also, they list down the monthly income and monthly expenses of the debtor too.   Today, however, we will talk about -Assets.

Assets are the things that a bankruptcy debtor owns, such as real estate, vehicles, furniture, jewelry and such.  It also includes items like cash, bank accounts, retirement plans, life insurance and others, such as a workers compensation claim, or a personal injury case.

A debtor lists (or schedules) these belongings on Schedule A and Schedule B of the bankruptcy petition.    Schedule A is where the debtor lists the real estate and property they own.   Things scheduled on Bankruptcy Petition Schedule A are: homes, vacant land, timeshares, mobile homes and the like.   Schedule B contains everything else owned by the debtor.    These assets would include a debtor’s car, bank account, cash, household goods, electronics, furniture, interests in businesses, animals, jewelry, insurance policies, retirement plans, investments, inheritances, claims against third parties.   Assets that also must be listed are sporting equipment, clothing, savings bonds, luxury items like boats, planes, collectibles, antiques, tax refunds, money owed to the debtor, and any other possible thing that you own, or is owed to you.   The list above is not exhaustive.

UNLISTED ITEMS

Many debtors I speak to ask me questions about what they need to list on their schedules of assets.   In short, I tell them to list everything.   Often, debtors ‘forget’ about assets that are not tangible.  For example, when a loved one dies a debtor may inherit their home.   A debtor says “this house isn’t mine” when they have not transferred title yet.    A debtor lists this home on schedule A.   Unpaid personal loans also fit this bill.   Just because they haven’t paid you back yet, doesn’t mean you don’t have the right to that money, now or sometime in the future.  The loan belongs on Schedule B.

EXEMPTIONS

Debtor’s also often want to avoid listing stuff that they ‘don’t want to lose.’  This is completely understandable.  Good news, though.  Bankruptcy attorneys can protect (or exempt) the stuff that you have.   Schedule C is where the bankruptcy lawyer will list down these exemptions and protections for your assets, granted either by the state (here are the Illinois Bankruptcy exemptions), or by the bankruptcy code, depending on where you live, and how long you have lived there.   These are often broad, and vary by state to state.  I’ll talk more about bankruptcy exemptions at a later date.

Assets that are exempt, are not part of the the bankruptcy estate, and aren’t sold by the bankruptcy trustee.  Only unexempted assets are available to the bankruptcy trustee.  The trustee’s job is to determine if there is enough value in the unexempt belongings to make a beneficial payout to the creditors of the debtor in bankruptcy.  The US Bankruptcy Code requires a debtor to schedule all assets, regardless if they are exempt or not.

BANKRUPTCY TRUSTEE

The good news for bankruptcy filers is that chapter 7 bankruptcy trustees liquidate very few belongings.  However, when a trustee finds assets that have not on schedule A or B, the trustee can liquidates them.    If you have assets, tell your lawyer.  Your lawyer can usually protect them.  The goal for a chapter 7 case is for the bankruptcy trustee to file a ‘No-Asset Report.’

A good bankruptcy attorney would recommend chapter 13 if they see a debtor has assets that are worth more than can be exempted, and would review that process with the bankruptcy client if they wish to protect the assets while getting debt relief.    This is why it is important to tell your bankruptcy lawyer about all of the assets you have.  Their are protections for most, and it’s better to know sooner than later, especially since filing false documents in bankruptcy is a crime, and a debtor could be denied a bankruptcy discharge, or worse, be charged with a crime subject to fines and jail time if convicted!

The post Bankruptcy – A is for Assets appeared first on Chicago Bankruptcy Lawyer.

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I’ve been in practice since 1998, and have focused on bankruptcy law from the start.   I grew up in and around Chicago, and live here with my wife and newborn son.   I went to Thomas M. Cooley Law School and the University of Illinois Champaign-Urbana for undergraduate studies.  I honed my skills at a bankruptcy firm right out of law school, one of those who advertises on TV specializing in high volume practice.   I was able to learn a lot, and I learned I could offer much more to those by opening up my own firm in 2004.

We have offices in the Chicago Loop, the south side, at 105th &. Western Ave, Schaumburg, Warrenville, and Waukegan.   My fine bankruptcy staff of Sean, Mark and Krista make up our Chicago bankruptcy team.   We have and always will offer free consultations, either by phone or in person.

We strive to provide quality bankruptcy services for a reasonable fee.  Keeping the firm small allows for one on one attention for our clients. Cases are filed electronically, and our office has started a green initiative to help keep costs low and to help the environment.

We can be reached by phone 312-436-7400, by website –www.leederslaw.com or by email – info@leederslaw.com

So if you are in the Chicago area, and are considering a bankruptcy case, Chapter 7 or chapter 13, contact us for a free consultation to review your situation.   We’ll give you sound legal advice on how to get back on track. Our Chicago bankruptcy law firm of attorneys is here to help consumers who are looking for a fresh start, and experienced lawyers to guide them to it.

Thanks
Terry

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