Chicago Bankruptcy Attorney, husband, father, Cubs fan.

Refiling Chapter 13 in IL

refiling chapter 13Leave a commentTerrance Leeders

A client just asked me today about the chances of refiling another chapter 13 once their current case gets dismissed for lack of payments to the trustee toward their plan.A debtor can refile at any time once the first case is dismissed if the debtor did not voluntarily dismiss the case (assuming the judge didn't bar them for 6 months).There are only 2 trustee's in cook county, 1 in rockford, and 1 in the collar counties, so the chances are good that the debtor would get the same trustee. ...

Cosigner responsibility

cosigner liabilityLeave a commentTerrance Leeders

I was recently asked how a bankruptcy affects a cosigner.Question: Hello. I filed for bankruptcy and was discharged a year and a half ago. At the time I had a car lease that was paid to date, but was still a part of my bankruptcy. (My lawyer advised me to turn in the vehicle so that I would not be responsible for extra fees and/or other things) My mother co-signed on this loan for me. My mother received a letter from the lender stating she owed...

Mortgage Fraud

mortgage fraudLeave a commentTerrance Leeders

Here is an article I saw today at Chicagotribune.com that tells of the recent charges filed in a huge mortgage fraud scheme. I touched on it in my earlier post here when I talked about the mortgage fraud seminar I attended a few months ago.67 from Chicago area charged in U.S. mortgage fraud probeBy Jeff Coen and Todd Lighty | Tribune reporters 1:37 PM CDT, June 19, 2008 Federal authorities in Chicago this afternoon announced charges against 67...

Barack Obama discusses bankruptcy and debt

Barack Obama, presidental candidate views on bankruptcyTerrance Leeders

Here is an article from suntimes.com that follows up on yesterday's post about the candidates' views on debt, the economy, and bankruptcy.

Obama has round-table talk on South Side

June 12, 2008
BY ABDON M. PALLASCH

Democratic White House hopeful Barack Obama held a round-table talk today on the South Side with three consumers gouged by credit card companies.

“For too long, credit card companies have been using unfair and deceptive practices to trick Americans into signing agreements...

Presidential Candidates views on Bankruptcy

presidental candidate views on bankruptcyLeave a commentTerrance Leeders

Here is an excerpt from Barack Obama's webpage, detailing bankruptcy.Reform Bankruptcy LawsObama will reform our bankruptcy laws to protect working people, ban executive bonuses for bankrupt companies, and require disclosure of all pension investments. * Cap Outlandish Interest Rates on Payday Loans and Improve Disclosure: Obama supports extending a 36 percent interest cap to all Americans. Obama will require lenders to provide clear and simplified information about loan fees, payments...

Can Student loans be discharged in bankruptcy?

discharge student loansLeave a commentTerrance Leeders

Generally, the answer is NO. Student loans and any debt for educational purposes are not discharged in bankruptcy. There was an exception, where you could ask the court to determine that the student loan was an undue hardship, but this was a very narrow exception. I have only seen 2 or 3 instances where a debtor was successful in this argument. The prevailing case law in this matter, is In RE Brunner. 831 F.2d 395 42 Ed. Law Rep. 535, Bankr. L. Rep. P 72,025 (Cite as: 831 F.2d 395)The...

US Trustee to get pay advices in all cases

pay advices, united states trusteeLeave a commentTerrance Leeders

Get your scanners and copiers warmed up folks....As noted in emails from the court and on the Northern District of Illinois Bankruptcy Court homepage:GENERAL ORDER No. 08-01

IMPORTANT NOTICE REGARDING PAY ADVICESThe Court’s Standing Order Regarding Filing of Payment Advices effective October 17, 2005 has been replaced effective June 23, 2008 by General Order No. 08-01 Regarding Pay Advices. For all Chapter 7 cases filed on or after June 23, 2008, pay...