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...

bankruptcy lawyer personal bankruptcy service

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...

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

End driver’s license suspension from Chicago parking tickets with chapter 7 bankruptcy

February 8, 2019chapter 7, chicago parking tickets, leederslawparking ticketsLeave a commentTerrance Leeders

You can get your license back with chapter 7 bankruptcy if it is suspended for non-payment of Chicago parking tickets.

Quick update regarding the post about...

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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Bankruptcy – C is for Chapter

October 17, 2018bankruptcy, chapter, chapter 11, chapter 12, chapter 13, chapter 7Bankruptcy, Chapter 11 bankruptcy, Chapter 12 bankruptcy, chapter 13 bankruptcy, Chapter 7 bankruptcyLeave a commentTerrance Leeders

C is for Chapter

Chapter 7

Chapter 7 bankruptcy is the most common bankruptcy that people file. This is the chapter that gets rid of most consumer debts in about 90 days. Most credit cards, medical bills, repossessions,...

Bankruptcy – A is for Assets

October 15, 2018Assets, Bankruptcy trustee, chapter 13, chapter 7, exemptions, Schedule A, Schedule B, Schedule Cassets, Bankruptcy, bankruptcy attorney, bankruptcy exemptions, bankruptcy lawyer, Bankruptcy Schedules, chapter 13 bankruptcy, Chapter 7 bankruptcy, trusteeLeave a commentTerrance Leeders

A is for Assets

SCHEDULES

A debtor fills out the bankruptcy paperwork and forms when filing a bankruptcy case. These forms are the Bankruptcy Schedules. Bankruptcy schedules list all of the assets a debtor owns. These...

Tax returns – How to order tax returns from the IRS for your bankruptcy case

October 4, 2018bankruptcy, chapter 13, chapter 7, IRS, tax returns, trusteeBankruptcy, tax return, trustee1 CommentTerrance Leeders

When you file a bankruptcy case, you have to submit the last 4 years of IRS tax returns to the trustee.

Do you save your old returns? If so, good. Experts say...

Could we see a shift to No Money Down Chapter 7 bankruptcy cases?

April 9, 2018chapter 7, no money downUncategorizedLeave a commentTerrance Leeders

There is some talk that the bankruptcy code should allow debtor's attorneys to file chapter 7 cases for no money down. A recent Bloomberg Article discusses this

https://www.bna.com/legal-news-rss-n57982058758/

By Daniel Gill

A push to...

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2 days ago

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