Contact me for a free consultation and I can show you how I can help you get a fresh start, eliminating your consumer debt, and relieving the stress that you feel as a result of Covid-19, coronavirus, E-Learning, loss of jobs, closing businesses, continued unemployment etc. The stress can really pile up and I can help ease that pressure with a chapter 7 or chapter 13 filing.

Contact me now, 312-346-7400 or visit www.LeedersLaw.com

The post Bankruptcy Cases expected to soar in 2021 due to Covid-19 appeared first on Chicago Bankruptcy Lawyer.

Have you picked up your free CPS breakfast and lunch for your e-learning children today?  Are you a working parent who is struggling with finances while at home with your kids doing e-learning?    CPS is still offering breakfast and lunch for their students.   This can help tremendously.  These nutritious meals include fruit and veggies like apples, pears, celery sticks, baby carrots, 1% or lowfat white and chocolate milk and tasty meals your kid will eat – like pizza, hamburgers, nachos and tasty snacks as well.    

Unemployed parents might not have the time or money to provide healthy meals while juggling e-learning,  searching for work and shopping for meals.   This will help ease the burden.   Monthly menus are available for those with picky children.   The meals include easy to use preparation instructions as well. 

Many CPS schools are the pickup locations.   Click here to ind the menus and pickup locations throughout the city.  https://www.cps.edu/services-and-supports/school-meals-and-nutrition/.  The free CPS breakfast and lunch is available Monday thru Friday from 8:00am to 1:00pm.  Chicago is committed to provide healthy, well balanced food to its students. 

If you find yourself struggling with mounting debt as well, a bankruptcy can help you get out of debt and give you peace of mind while e-learning with your kids.   Covid-19 has changed the way we live, but bankruptcy can help put you back in control.   Contact me for a free consultation, I offer free virtual or office consultations for your convenience.  

The post Free CPS breakfast and lunch for students while e-learning 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

The post Bankruptcy filings expected to increase – FALL 2020 appeared first on Chicago Bankruptcy Lawyer.

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

The post New Bankruptcy Benefits With the COVID-19 Coronavirus CARES Act Stimulus appeared first on Chicago Bankruptcy Lawyer.

We need to turn to each other for strength. Let’s  support each other as we all navigate this brave new world together.

Here is some basic free financial advice about what to do and not to do during this time.

Do NOT cash out retirement accounts.

DO prioritize payments to creditors carefully. Food and bare essentials first. Then basic housing expenses.

But first reach out to your landlord and see if you can ask for an extension on rent if necessary.

If you have a mortgage, immediately go online to their loss mitigation options. They probably have a new link for forebearance/type payment plans or options.

Reach out to utility companies-and ask for a hardship extension on payments. Again, their websites likely have new resources for people.

Lost your job? Immediately apply for unemployment benefits online. Ask about short term insurance payments if you have any. Have a whole life insurance policy? Check your cash surrender value.

Student loan payments should immediately be deferred or placed on forbearance during this time if possible. Try to keep a basic cash savings of minimum $1,000 for emergencies.

Do NOT pay any medical bills from BIG hospitals in full. Immediately request a payment plan.

Tickets from the city? Call and ask for an extension of time to pay fines and tickets. This also applies to court fines.

Tolls owed to the tollway authority? Apply for a hardship settlement.

Owe the IRS? Call the taxpayer advocate center and immediately submit hardship documents showing that payments to the IRS will make it impossible for you to maintain a minimum standard of living. Same with state tax debt.

Credit cards come last. They should not be a priority unless your basic living expenses are met. Ask for payment deferments but expect all lines of credit to be shut down quickly.

Finally, ask for help. Ask questions, stay INDOORS and stay safe.

Focus on family and friends and above all prioritize kindness and compassion to others.

Chapter 7 bankruptcy can help if these debts are spiraling out of control.  Hopefully the shelter in place will be over soon, but the impact could go on for some time.  A bankruptcy can help get you back to square one. 

If you need help catching up on your mortgage or car payment, a chapter 13 can help you do that.  It is a 3-5 year repayment plan, so it allows you to pay your regular monthly expenses as well.

I offer free phone and video  consultations in this time of quarantines, so you can get advice from the safety of your own home.  Call, email, or submit a request here for a free discussion about your situation. I’m happy to help. Stay safe. Terry Leeders

Chicago resources

1. Apply for unemployment benefits: https://www2.illinois.gov/ides/Pages/default.aspx

2. Navigate the SBA site for additional help: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

3. Facebook has announced a Facebook Small Business Grants Program that you can apply for: https://www.facebook.com/business/boost/grants

4. General advice from the consumer protection bureau: https://www.consumerfinance.gov/about-us/blog/protect-yourself-financially-from-impact-of-coronavirus/

5. IRS tax relief help including a NEW tax deadline of July 15th: https://www.irs.gov/coronavirus

6. Information from Navient for student loan relief: https://navient.com/covid-19

7. General student loan relief information: https://www.forbes.com/sites/adamminsky/2020/03/17/how-to-manage-your-student-loans-in-the-coronavirus-crisis/?fbclid=IwAR2vwotoxAwY4meq-srNXtBiESe5KitRWQNNfaZe8XkEpfornLGQDCTHUEM#59710f6f7b54

8. Bartender Emergency Assistance Program: https://www.usbgfoundation.org/beap?fbclid=IwAR254kvmSWeW1WGp-M_Jyx3n3cFp0RiHN9IoFLBmArIxgFYrYShPTijARgs

9. Emergency Rental assistance from the City of Chicago: https://www.chicago.gov/city/en/depts/fss/provdrs/serv/svcs/how_to_find_rentalassistanceinchicago.html?fbclid=IwAR3KBFQUt9dLJwNk8IivJIP9XesU5QF5WWhR8WXBH_a5XqnQ4ZZGgL49FJQ

10. Illinois Domestic Violence hotline: https://the-network.org/get-help-dva/

11. Recommendations from the CDC on how to protect yourself from the COVID-19 virus: https://www.cdc.gov/coronavirus/2019-ncov/index.html

12. A good list of resources from the Illinois Health and Hospital Association: https://www.team-iha.org/quality-and-safety/emergency-preparedness/novel-coronavirus-(2019-ncov)

13. The City of Chicago press release on the Coronavirus with many links to other resouces: https://www.chicago.gov/city/en/sites/covid-19/home.html

14. A very important link from Chicago Public Schools (CPS) with resources for kids to do work while out of school: https://cps.edu/oshw/Pages/HealthyCPS.aspx (click on Enrichment Learning Resources) direct link with packets for every grade: https://cps.edu/OSHW/Pages/EnrichmentLearningResources.aspx

15. The most up to date statistics on the Coronavirus here in Illinois: http://www.dph.illinois.gov/topics-services/diseases-and-conditions/diseases-a-z-list/coronavirus

16. Here is a State of Illinois COVID-19 household checklist to prepare your home for an outbreak: http://www.dph.illinois.gov/sites/default/files/COVID-19_HouseholdChecklist20200309.pdf

17. State of Illinois Childcare assistance programs: http://www.dhs.state.il.us/page.aspx?item=30355

18. Look into Nicor Gas Energy Assistance programs: https://www.nicorgas.com/residential/billingandpaymentoptions/energy-assistance-programs.html

19. Apply for Financial and energy assistance on the Peoples Gas site: https://accel.peoplesgasdelivery.com/home/assistance.aspx

And finally, remember that YOU can also volunteer to help others! Drop off a meal for an elderly neighbor, videochat with friends and family during this time, take long walks, do some yoga at home, or donate blood!

Most importantly, let’s be kind to one another during this hard time.

Shared with permission from Claudia Badillo

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