Chicago Bankruptcy Attorney, husband, father, Cubs fan.

Bankruptcy and Divorce

DivorceLeave a commentTerrance Leeders

Subject: Divorce Decree Judgment and Bankruptcy Question: My husband ex wife has done everything in her power to make our life miserable. I have a couple questions. Fist.. can you amend a bankruptcy 3.5 years after it has taken place if you forgot a judgment?My husband got mailed papers yesterday saying that his ex wife is suing him for a judgment that was in their divorce decree. Two years after the divorce...

Discharging income taxes in bankruptcy

taxesLeave a commentTerrance Leeders

Subject: back taxes Question: Unfortunately I had to draw out from my retirement money due to my ill mother, whom has since deceased. I owe from 1999 thru this current year. I tried to do offer in compromise but could not come up with the money needed to get started.I'm just strapped for money and am scared that the IRS will garnish my wages. Can you give me some insight please <span style="font-weight:...

Reaffirming a mortgage

reaffirmation agreementLeave a commentTerrance Leeders

A popular question I get is regarding being on the hook for a mortgage after bankruptcy.Here is a recent question I received:Question: I filed Chapter 7 Bankruptcy last year and managed to hold on to my home. I checked a box in the bankruptcy paperwork stating that I wanted to hold on to my residency. I am falling behind on my payments and want this debt to be included on my bankruptcy. Is this a reaffirmation agreement by the Court. Or is there more to it?Answer:A reaffirmation is a...

US Trustee moved

united states trusteeLeave a commentTerrance Leeders

The US Trustee has moved their office in Chicago.The new address will be:Office of the United States TrusteeDirksen Federal Court House219 South Dearborn StreetRoom 873Chicago, IL 60604The main telephone number (312) 886-5785 and fax number (312) 886-5794 willremain the same as will all individual employees’ numbers.Cook County Chapter 7 341 hearings will now be held at 219 S. Dearborn St. Room 800 in the Dirksen Federal Building as well.

Mortgage Relief

bankruptcy amendments, legislation, mortgage interest cramdownTerrance Leeders

Good News.

I recently attended a meeting presented by several prominent bankruptcy Judges in Chicago, IL. They discussed numerous topics on the current laws, rules etc. They all seemed to be in agreement that the proposed changes to the bankruptcy code that are pending in Congress currently, namely -reduction of mortgage interest rates and reduction of over financed mortgages - would be beneficial to the economy. They feel that the bankruptcy code is the correct place, since the tools...

Recent Bankruptcy Statistics…Bankruptcy is alive and well in the US

Bankruptcy, bankruptcy filings, chapter 13, chapter 7, economyTerrance Leeders

Spurred by the down cycle in the mortgage business, a downturn in the economy (Recession? what recession? ) or else just credit providers providing more credit than should be given, we have seen a recent rise in bankruptcy filings both in Illinois and throughout the country. I came across this article from the AP which spells out the numbers for you.

March 3, 2008, 4:08PM Bankruptcy Filings Up 15 Percent in Feb. ...

Reopening a chapter 7 case

Bankruptcy, chapter 7, judge, reopen caseTerrance Leeders

I receive several inquiries about reopening a chapter 7 case once the case is closed.

This is possible to do, however it is subject to court approval.
1. The debt must have been incurred before the date your case was originally filed.
2. The court charges an amendment fee of $26 to add on debt to a case.
3. There is also a reopen fee to reopen a case once it is closed, $260 for Chapter 7.
4. Your attorney may charge an additional fee to do the work for you.
5. This must be done...