1. Medical Bills – Unexpected health issues can lead to crushing debt—even with insurance.
2. Credit Card Debt – High interest rates and minimum payments can quickly spiral out of control.
3. Job Loss or Reduced Income – A layoff or pay cut can make it impossible to keep up with bills.
4. Divorce or Separation – Legal fees, splitting assets, and new expenses add up fast.
5. Foreclosure or Repossession – Bankruptcy can help stop these processes and protect your assets.

At Leeders Law, we’ve helped thousands of people across Chicagoland—including right here in Chicago, IL—find relief through Chapter 7 and Chapter 13 bankruptcy. You don’t have to face this alone.

Call now for a FREE consultation 312-346-7400
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Proudly serving Chicago, IL & surrounding areas

It’s not about failure—it’s about a fresh start. Let us help you take that first step.

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The post Top 5 Reasons People File for Bankruptcy appeared first on Chicago Bankruptcy Lawyer.

Welcome to Leeders Law, your dedicated bankruptcy law firm serving the Bronzeville community and beyond. We understand that financial difficulties can take a heavy toll on your life, causing stress, sleepless nights, and uncertainty about your future. If you’re facing insurmountable debt, we’re here to help you find a way out and towards a fresh start.

Our experienced bankruptcy attorneys are committed to providing personalized solutions to individuals and families in Bronzeville who are seeking relief from financial burdens. We specialize in Chapter 7 and Chapter 13 bankruptcy, and our focus is on helping you regain your financial stability. Read on to discover how Leeders Law can guide you on your journey to financial recovery.

Why Choose Leeders Law in Bronzeville?

1. Local Experience: We are a part of the Bronzeville community, and we understand the unique financial challenges that residents face. Our attorneys have in-depth knowledge of the local legal landscape and are committed to helping our neighbors.

2. Bankruptcy Specialists: Our team is well-versed in bankruptcy law, ensuring you receive accurate and up-to-date advice. We stay current with changes in bankruptcy law to provide the best solutions for your financial situation. Bankruptcy Law is what we do.

3. Personalized Approach: We recognize that everyone’s financial situation is unique. Our attorneys work closely with you to create a customized strategy that aligns with your specific needs and goals.

4. Comprehensive Evaluation: We begin every client relationship with a thorough examination of your financial situation. This allows us to provide a clear roadmap for your bankruptcy proceedings, ensuring no detail is overlooked.

5. Supportive Guidance: We understand that the decision to file for bankruptcy is a significant one. Our team is here to provide not only legal expertise but also emotional support throughout the process.

Our Bankruptcy Services in Bronzeville Include:

1. Chapter 7 Bankruptcy: This option allows individuals to seek a fresh start by discharging unsecured debts.

2. Chapter 13 Bankruptcy: A reorganization option for those who want to create a manageable repayment plan while retaining their assets.

3. Debt Counseling: Gain financial education and counseling to make informed decisions regarding your financial future.

4. Asset Protection: We offer strategies to help protect valuable assets and make the most of your bankruptcy filing.

Contact Leeders Law in Bronzeville – FREE BANKRUPTCY CONSULTATION

Your path to financial freedom begins with a conversation. Reach out to Leeders Law for a consultation, and let us help you find relief from the financial pressures that have been holding you back.

Phone: 312-346-7400

Email: info@leederslaw.com

Office Hours: Monday to Friday: 9:00 AM – 5:00 PM

Online Consultations Available

Don’t let financial stress control your life. Take the first step towards a fresh start. Contact Leeders Law in Bronzeville, IL, and let us help you regain control of your financial future. We are here for you, every step of the way. Use Leeders Law – Your Trusted Bankruptcy Attorneys in Bronzeville #BronzevilleBankruptcy #FinancialRelief

The post Leeders Law – Your Trusted Bankruptcy Attorneys in Bronzeville- Act Now appeared first on Chicago Bankruptcy Lawyer.

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.

Judge Thorne ruled that a debt for overpayment of a domestic support obligation is not itself a “domestic support obligation,” (DSO), as set out in Section 101(14A) of the bankruptcy code.  Therefore, it is dischargeable in the bankruptcy case.    This was regarding an overpayment of food stamps paid to the debtor who ultimately did not qualify for them.   Judge Thorne admitted a split in case law, and followed the Collier treatise.  She ruled it to be “merely a debt to the government for the return of benefits that should never have been paid . . . and that does not automatically retain any supportive nature that the benefits may have had.”

The post Is an overpayment of Food Stamps an actual Domestic Support Obligation? appeared first on Chicago Bankruptcy Lawyer.

http://www.innb.uscourts.gov/opinions/pdfs/3467.pdf

In the chapter 7 case, the debtor claimed an exemption for the Notre Dame Football season tickets, for $1100, the price that she paid for them.   She was an employee, and got the tickets at a discount since she was an employee of the University.  They were worth a lot more on the open market.

Both parties briefed the matter, as the judge said it was a matter of first impression in his courtroom.     Are tickets tangible? Intangible?

The judge analyzed state law, case law, and legislative history when making the decision.   The 7th Circuit has decided that cash is intangible in the case  In re Oakley, 344 F.3d 709 (7th Cir. 2003), deciding that the legislative intent of making the tangible property exemption larger in order to protect life’s necessities, such as clothing, furniture, and toilet paper.   Thus allowing for protections for things that make it possible to function.

The court in the current case, agrees with the decision in Oakley, stating:

In Oakley the Seventh Circuit held that although currency is tangible in the literal sense, it is nonetheless an intangible asset in Indiana for exemption purposes. Id. at 713. The court finds this guidance is persuasive in assessing the question before it. Like currency, tickets have no inherent or intrinsic value in and of themselves.  Any value comes from the ability to use the ticket for admission to an event, just as the value in cash stems from the ability to exchange cash for useful goods. If not for the license the football ticket grants its holder to enter an event venue, a football ticket has no more inherent value than any other scrap of paper.

Unfortunately, the judge decided that the Notre Dame Football season tickets were not necessary to enjoy a fresh financial start.  As such, the trustee will be liquidating the asset. So if you are looking to enjoy a Notre Dame football game, another set of tickets may be available!

The post Notre Dame football tickets are not a tangible asset in an Indiana Chapter 7 bankruptcy case appeared first on Chicago Bankruptcy Lawyer.

Burr Ridge
1333 Burr Ridge Parkway, Suite 200
Burr Ridge, IL 60527

 We are located in the Chicago suburbs with easy access from I-55, I-355, and I-294 about 20 miles from Downtown Chicago

Office hours are by appointment.   Feel free to call me for a free mini phone consult regarding bankruptcy at 312-346-7400.

Schedule a free consultation with a bankruptcy lawyer at our Burr Ridge office or any of our other locations today to discuss Chapter 7 and Chapter 13 Bankruptcy.

The post Burr Ridge Bankruptcy lawyer new office location – free consultation for chapter 7 and chapter 13 bankruptcy appeared first on Chicago Bankruptcy Lawyer.

Orland Park
15255 S 94th Avenue, 5th Floor
Orland Park, IL 60462

We are located in the Chicago suburbs, about 25 miles from Downtown Chicago in the I-80 corridor.
We are easily accessible from I-55, I-294, I-80, I-57, and I-355.   Our building is the tallest in the south suburbs, so it is easy to find!

Office hours are by appointment.   Feel free to call me for a free mini phone consult regarding bankruptcy at 312-346-7400.

The post Orland Park Bankruptcy lawyer – new office, free consultations appeared first on Chicago Bankruptcy Lawyer.

Do you earn a decent salary, but live paycheck-to-paycheck? If so, you are part of a growing segment of the American population: the income rich-ish…

The post high income broke debtors… recent trends in bankruptcy appeared first on Chicago Bankruptcy Lawyer.