tax refund Archives - Chicago Bankruptcy Lawyer

Tax refunds in Illinois bankruptcy cases

December 30, 2010Bankruptcy, tax refund, trustee1 CommentTerrance Leeders

As 2010 winds to a close, we hope you are enjoying your holiday season and we wish you the best for the New Year. Tax refund time will be approaching soon, so this post includes a few tips to help your bankruptcy case go smoothly in the new...

More Bankruptcy Q&A

February 7, 2008avoid Bankruptcy, chapter 13, chapter 7, tax refund, trusteeTerrance Leeders

Here is another rapid fire list of Q & A from bankruptcy questions I have received recently.If you have a specific question, feel free to contact me and I'll be happy to review your situation with you. Thanks

Subject: What does...

Tax refunds and bankruptcy

December 20, 2007chapter 7, tax refund, trusteeTerrance Leeders

I have received several emails from clients filing for Chapter 7 that are concerned about their tax refunds, and whether the chapter 7 bankruptcy trustee will want to take it or not.

While the tax refund is an asset, you should schedule...

Leeders Law

1 week ago

Thinking about bankruptcy in Illinois? If you and your spouse own your home as tenants by the entirety, it could offer significant protection. This type of ownership generally shields your home from creditors if only one spouse files for bankruptcy. However, there are exceptions and complexities. Don't leave your home's fate to chance! Consult with a qualified bankruptcy attorney to understand your#bankruptcyb#realestater#tenancybytheentiretyh#Illinois #HomeProtectionP#bankruptcyb#exemptionse#leederslawleederslaw ... See MoreSee Less

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Leeders Law

1 week ago

Can you discharge income tax debt in bankruptcy? The answer isn't always simple. Some income taxes may be dischargeable, while others are not. Factors like the age of the tax debt and whether returns were filed play a role. Want to learn more about how bankruptcy could impact your tax obligations? Contact a bankruptcy attorney for a consultat#bankruptcyu#taxest#incometaxm#DebtReliefel#askalawyera#bankruptcydischargeh#leederslawrslaw ... See MoreSee Less

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Leeders Law

2 weeks ago

Stop using credit cards if you are trying to get out of debt. Compounding interest is a powerful force that can work in your favor or against you. When it comes to credit card debt, compounding interest can be a major problem.Here's how it works:The Basics: When you make a purchase with a credit card, you're essentially borrowing money from the credit card company. The interest rate on your credit card is the cost of borrowing that money.Compounding: If you don't pay off your entire balance each month, the interest on your debt will start to compound. This means that you'll be charged interest on not only your original balance, but also on the interest that you've already accrued.The Spiral: The longer you carry a balance on your credit card, the more interest you'll pay. This can quickly lead to a situation where you're paying more in interest than you are in actual purchases.Here are some of the dangers of compounding interest on credit card debt:It can make it difficult to pay off your debt. The more interest you pay, the less money you have available to pay down your principal balance. This can make it seem like you're never going to get out of debt.It can damage your credit score. A high credit card balance can negatively impact your credit score, making it more difficult to get approved for loans in the future.It can lead to financial stress. Dealing with credit card debt can be a major source of stress and anxiety.If you're struggling with credit card debt, there are a few things you can do:Make a budget. This will help you track your spending and identify areas where you can cut back.Create a debt repayment plan. This could involve consolidating your debt into a lower-interest loan or using the debt snowball method.Talk to a financial advisor. A financial advisor can help you develop a plan to get out of debt and improve your financial situation.File a bankruptcy to get a fres#bankruptcya#creditcarddebto#interest-#chapter7a#leederslawreditcarddebt #interest #chapter7 #leederslaw ... See MoreSee Less

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