New Northern District of Illinois – Bankruptcy Court Procedures -Covid 19/Coronavirus

April 2, 2020UncategorizedLeave a commentTerrance Leeders

The U.S. Bankruptcy Court for the Northern District of Illinois has made important changes to its procedures because of the Coronavirus pandemic.

(1) Court Hearings and Section 341 meetings will be...

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

April 2, 2020CARES Act, chapter 13 bankruptcy, chapter 7 bankruptcy, Coronavirus, Covid 19, free phone and video consultationsUncategorizedLeave a commentTerrance Leeders

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...

Covid 19/ Coronavirus and bankruptcy, how to preserve your resources

March 21, 2020chapter 13, chapter 7, Chicago, Coronavirus, Covid 19, Illinois, Quarantine, Shelter in placeUncategorizedLeave a commentTerrance Leeders

The Covid 19/Coronavirus outbreak has been upgraded to a pandemic. We have been ordered by the city and state to shelter in place. Schools, churches and many businesses have closed. Many are losing pay and...

Affordable bankruptcy fee Flat fee for chapter 7 and chapter 13 bankruptcy cases

Fresh Start for the new year

July 22, 2019chapter 7, fresh startUncategorizedLeave a commentTerrance Leeders

Now that we are half way through summer, now is a good time to look to get a fresh start by the end of the year. Chapter 7 bankruptcy will take about 90 days to go thru the courts and get your discharge. ...

Discharge chicago tickets with chapter 7 bankrutpcy

You can now discharge Chicago parking tickets in a chapter 7 bankruptcy case.

February 6, 2019chapter 7, chicago parking tickets, discharge, leederslaw, parking ticketsUncategorized1 CommentTerrance Leeders

Chicago parking tickets are now dischargeable in chapter 7 bankruptcy

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No money down chapter 7 bankruptcy cases

Top 3 things to do before filing for bankruptcy

November 1, 2018UncategorizedLeave a commentTerrance Leeders

Top 3 things to do before filing for bankruptcy

3. Get your documents together.

4 Years of IRS Tax returns
Most recent bank statements
Last 6 months of income statements and paycheck stubs

...

Debts discharged in my bankruptcy are being reported on a credit report – what to do?

October 3, 2018UncategorizedLeave a commentTerrance Leeders

Under the Fair Credit Reporting Act (“FCRA”) as long as the reported item on a credit report it is listed as $0 balance, or included in bankruptcy, that information can stay as long as it is accurate, complete and not misleading. Therefore,...

ARAG Legal Plans – Bankruptcy Attorney Fees

September 19, 2018UncategorizedLeave a commentTerrance Leeders

I wanted to promote the fact that I am now a proud member of the ARAG attorney network. I accept ARAG legal insurance for both chapter 7 and chapter 13 filings. Contact your employer or go to your ARAG login and select me as your requested...

New Supreme Court ruling about false statements and nondischargeability of debts

June 5, 2018UncategorizedLeave a commentTerrance Leeders

The Supreme Court yesterday ruled in their most recent decision Lamar, Archer & Cofrin, LLP v. Appling, 16-1215 (Sup. Ct. June 4, 2018) that a false statement about one's assets must be in writing to provide grounds for an objection and...

Chicago Begins To Rethink How Bankruptcy Lawyers Get Paid

May 9, 2018UncategorizedLeave a commentTerrance Leeders

Chicago Begins To Rethink How Bankruptcy Lawyers Get Paid - A ProPublica article by Melissa Sanchez.

Judges are demanding that lawyers tell their clients that their other debts might not get paid, but their lawyers...

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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