No matter where you live, we can help represent you for a chapter 7 bankruptcy or chapter 13 bankruptcy.   Contract us today to schedule a free bankruptcy evaluation to see if bankruptcy is right for you.   We have convenient office locations and also offer phone and video consults as well.

Andersonville

Archer Heights

Ashburn

Ashburn Estates

Austin

Avondale

Back of the Yards

Belmont Central

Beverly

Beverly Woods

Brainerd

Bridgeport

Brighton Park

Bronzeville

Bucktown

Burnside

Calumet Heights

Canaryville

Clearing

Chatham

Chinatown

Cottage Grove Heights

Cragin

Dunning

East Chicago

Edison Park

Edgebrook

Edgewater

Englewood

Ford City

Gage Park

Galewood

Garfield Park

Garfield Ridge

Gold Coast

Grand Crossing

Gresham

Hamilton Park

Humboldt Park

Hyde Park

Jefferson Park

Kelvyn Park

Kenwood

Kilbourn Park

Lake Meadows

Lakeview

Lawndale

Lincoln Park

Lincoln Square

Little Village

Logan Square

Longwood Manor

Loop

Marquette Park

McKinley Park

Midway

Morgan Park

Montclare

Mount Greenwood

North Center

Norwood Park

O’Hare

Old Irving Park

Old Town

Park Manor

Pilsen

Princeton Park

Portage Park

Pullman

Ravenswood

Riverdale

River North

River West

Rogers Park

Roscoe Village

Roseland

Sauganash

Schorsch Village

Scottsdale

South Chicago

South Deering

South Loop

South Shore

Streeterville

Tri-Taylor

Ukrainian Village

United Center

Uptown

Vittum Park

Washington Heights

West Elsdon

West Loop

West Pullman

Westlawn

Wicker Park

Woodlawn

Wrigleyville

Wrightwood

Leeders Law – Bankruptcy Attorney in Chicago – we can help! Contact for a free legal evaluation.  Office, phone and video consultations available.

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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.

So many individuals and families are living paycheck to paycheck.  Thousands have lost their jobs do to Covid-19 closures.  Small businesses have had to close, with many having invested their life savings.    Landlords,  lenders and credit card companies who allowed for consumers to skip a few payments are now collecting on their balances, moving for evictions and are suing to collect the debt owed.  

Chapter 7 bankruptcy can help eliminate these debts allowing the stress of unpaid bills to be relieved.   Chapter 13 can restructure car loans, help consumers get current on their rent obligations and stop foreclosure as well.    The time to act is now, since there is an anticipated increase in bankruptcy cases coming this fall and winter.   I offer free phone and Zoom consultations to help provide a safe filing process for consumers.   If you know of anyone who is struggling, have them call me for a free consultation so I can show how I can make things a little easier during these troubling times.   Stay healthy, stay safe.   Terry

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Attorney Terry Leeders files every bankruptcy case, so he has intimate knowledge of every case.   He reviews each case for accuracy, then runs them through a review process to catch any issues that may be red flags for the bankruptcy trustee.   His 14 years of exclusive bankruptcy experience with chapter 7 and chapter 13 cases allows Mr. Leeders to provide accurate and cutting edge advice

Attorney Mark Lubus joined Leeders & Associates in 2012, and has brings a fresh approach to the table.   Mark has handled hundreds of cases, and took over the court call shortly after joining the firm.   Mark’s greatest trait is listening.   He shows patience and compassion to each client.   He understands bankruptcy is the end result of an often difficult and trying time for our clients, and lends an ear while providing valuable guidance throughout  the bankruptcy process.

Sean Leeders is the head law clerk for the firm.  He is often the first contact clients have with the firm.  Sean has been working in the bankruptcy business for over 7 years.  He’s heard the stories, he’s heard the solutions, he knows the results.  Sean helps facilitate the case for each client, helping them get the required documents, helps prepare most cases for filing, and also helps finding other ways the firm can assist our clients who are in need.   He can help arrange a debtor to get a better deal on their car, or to get one after the case.  He helps clients identify causes of action they may have, whether it be personal injury claims to bring, wrongful termination matters, or family law case assistance.

Our close knit team works together to get you the best results possible.  We are always available for our clients needs. If you need assistance with debt, just reach out to us.  312-436-7400 or www.leederslaw.com.  We offer free phone and office consultations, and we give you the one on one personal service you deserve.

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