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2020 New Years Resolution – GET OUT OF DEBT

January 17, 2020chapter 7, Chicago bankruptcy, fresh start, Terry LeedersBankruptcy, bankruptcy attorney, chapter 7, Chapter 7 bankruptcyLeave a commentTerrance Leeders

Are you tired of compounding interest?

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...

Is an overpayment of Food Stamps an actual Domestic Support Obligation?

November 30, 2017domestic support obligation, DSO, food stamps, Judge Thornechapter 7, discharge, Judge ThorneLeave a commentTerrance Leeders

An overpayment of food stamps is not a domestic support obligation (DSO). Bankruptcy Judge Deborah L. Thorne from the Northern District of Illinois chimed in on this issue with her recent decision in Tyeane Halbert v. James T. Dimas, as...

Notre Dame Football Season tickets bankruptcy

Notre Dame football tickets are not a tangible asset in an Indiana Chapter 7 bankruptcy case

October 30, 20177th Circuit, Indiana exemptions, Notre Dame Footballchapter 7, exemptionsLeave a commentTerrance Leeders

Judge Harry C Dees, Jr. has ruled that Notre Dame football season tickets are not tangible, and thus sustained the chapter 7 trustee's objection to the exemption the debtor claimed in the bankruptcy case. This allows the trustee to liquidate...

Burr Ridge Bankruptcy lawyer new office location – free consultation for chapter 7 and chapter 13 bankruptcy

September 7, 2016Bankruptcy, Burr Ridge office location, chapter 13, chapter 7, free bankruptcy consultationsLeave a commentTerrance Leeders

I am now scheduling appointments for people looking to file chapter 7 or chapter 13 bankruptcy at our newest location in Burr Ridge, IL , serving the Western and Southwestern suburbs and South part of Chicago.Burr Ridge1333 Burr Ridge Parkway,...

Orland Park Bankruptcy lawyer – new office, free consultations

September 7, 2016bankruptcy lawyer, chapter 13, chapter 7, free consutlation, Orland park, Orland Park office locationLeave a commentTerrance Leeders

I am now scheduling appointments for people looking to file bankruptcy at our newest location in Orland Park, serving the South and Southwestern suburbs and South part of Chicago.Orland Park15255 S 94th Avenue, 5th FloorOrland Park, IL...

high income broke debtors… recent trends in bankruptcy

November 10, 2015chapter 13, chapter 7, means testLeave a commentTerrance Leeders

http://qz.com/520414/the-high-earning-poor/Do you earn a decent salary, but live...

How to Know When Bankruptcy Is Right for You

August 13, 2015Bankruptcy, chapter 13, chapter 7, debt management plan, Debthelper.com, when to file bankruptcyLeave a commentTerrance Leeders

How to Know When Bankruptcy Is Right for You

Before you decide to file for personal bankruptcy you should be aware that it is not necessarily the best choice for everyone. For many people, bankruptcy should be the...

Payday loans – stop wage assignments

July 23, 2014chapter 13, chapter 7, payday loans, wage assignmentLeave a commentTerrance Leeders

Did you know that a Chapter 7 or Chapter 13 can stop a wage assignment?Did you know that I, as your bankruptcy attorney can stop a wage assignment even without filing your case?Credit unions, payday loans, and internet loans to name a few, often...

Northern District of Illinois Bankruptcy Filing Statistics – 2014 Year to date

July 22, 2014bankruptcy stats, chapter 13, chapter 7Leave a commentTerrance Leeders

So far, in 2014 there have been 29,052 bankruptcy cases filed in the Northern District of Illinois

Compared to this time last year, when 31,754 cases were filed, down, almost 9%.

Adversary proceedings were down from 1064 to just 610...

Chapter 7 and Chapter 13 bankruptcy filing fee increases

April 30, 2014bankruptcy court, chapter 13, chapter 7, filing feeLeave a commentTerrance Leeders

I just received a memo from the United States Bankruptcy Court indicating that the filing fees for bankruptcy cases will be increasing effective June 1, 2014.<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;...

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New Bankruptcy Benefits With the COVID-19 Coronavirus CARES Act Stimulus

Millions of Americans are being affected by the Covid-19 Coronavirus. Many are losing their jobs and are turning to unemployment. Many are starting to fall behind on their mortgage or rent. Let’s not even discuss the accumulating credit card debt and medical bills. The President has signed into law the bill from Congress called the CARES Act. This stands for Coronavirus Aid, Relief, and Economic Security Act.

The CARES ACT -Stimulus – What we get

The Cares Act is providing a one time stimulus to Americans in the form of a check in the amount of $1200 for most people ($2,400 for married couples) who make $75,000 or less (individual) or $150,000 for married couples. Plus they will send $500 for each dependent child. The government will use the 2019 tax return (2018 if 2019 is not filed yet) when calculating this limit.

The Cares Act also defers the tax return filing deadline until July 15,2020.

There are also changes that increase Unemployment benefits, increase the 401(k) loan limits, plus other benefits to businesses. The goal of these benefits is to help ease the burden of the stay at home directives, and to defray costs associated with it. The secondary goal is to help stimulate the American economy as well.

CARES Act and Chapter 7 Bankruptcy

There are other effects of the Cares Act that will help Chapter 7 bankruptcy filers. The stimulus money will not count toward monthly income on schedule I, nor will it have to be calculated on the Means Test calculation of disposable monthly income. The funds are designed to be used by the debtor, and not for the benefit of their creditors in the bankruptcy.

CARES Act and Chapter 13 Bankruptcy

Another benefit of the Cares Act is that it will allow Chapter 13 bankruptcy filers who have been affected by the Covid-19 Coronavirus and have confirmed Chapter 13 plans to file a motion to extend their payments up to 7 years (instead of the normal 5 years). This would allow the debtors the relief by deferring payments, or lowering the monthly payment based on need that has arose as a result of the pandemic.

Free Phone or Video Bankruptcy Strategy Sessions Available Now
I’m working out of my home office, and homeschooling my kids. It’s tough. I know that many of you there are in the same boat. We’ll get through this. Let me help you come up with a plan to help you as well. I am offering free bankruptcy consults by phone or by video (Skype/Zoom) to make it easier for you to get the information needed about the assistance I can provide. We are able to file everything electronically, and the courts have eased the burden of paperwork, by allowing E-Signatures as well. I am prepared to help you get back on track, to let you focus on what is important, the health of you and your family. Contact me know and we’ll get through this together. Thank you and stay safe. Terry Leeders ... See MoreSee Less