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...

Bankruptcy Audit’s suspended

audits, chapter 13, chapter 7, trustee, united states trusteeTerrance Leeders

This is a bit of interesting news about the random audits performed by the Department of Justice. Previously 1 in 200 cases was audited for accuracy. These audits consisted of independent review of paystubs, tax returns, bank statements, real estate documents and other related items associated with a debtor's bankruptcy case.

From the UST website:

NOTICE REGARDING DEBTOR AUDITS ...

More Bankruptcy Q&A

avoid Bankruptcy, chapter 13, chapter 7, tax refund, trusteeTerrance Leeders

Here is another rapid fire list of Q & A from bankruptcy questions I have received recently.
If you have a specific question, feel free to contact me and I'll be happy to review your situation with you. Thanks

Subject: What does reach back mean?

Question: I was doing fine financially until I went to commission sales. I kept thinking I was going to make a lot more money than I did. In June 07 I took a cash transfer from my bank credit card to my checking (they offered...

Bankruptcy Questions and answers

Bankruptcy, bankruptcy court, chapter 13, chapter 7, trusteeTerrance Leeders

Here is an updated bankruptcy question and answer session. As you can see there are many bankruptcy issues that can sway a case one way or another. Hold tight, here we go.

Chapter 7 and Lump sum SSDI payment

Question
My daughter applied for SSDI over 2 1/2 years ago. Her husband left her 2 years ago. Their divorce comes up in March. She just received a lump sum payment from Social Security for her disability. She has not paid any of her credit...

Tax refunds and bankruptcy

chapter 7, tax refund, trusteeTerrance Leeders

I have received several emails from clients filing for Chapter 7 that are concerned about their tax refunds, and whether the chapter 7 bankruptcy trustee will want to take it or not.

While the tax refund is an asset, you should schedule the estimated amount in the case.
Your lawyer will then exempt what they can to protect as much as possible.
In Illinois, you have a $4000 wildcard per debtor to use towards cash, bank accounts, personal household goods and tax refunds. Your Illinois...

Blockbuster fees

Bankruptcy, blockbuster, comparison shop, fees, price increaseTerrance Leeders

I received an interesting email from Blockbuster yesterday. They are increasing fees from $17.99 to $19.99. This comes on the heals of the plan modification they put thru just several months ago....eliminating the free in-store game rental coupon each month as well as capping the in-store exchanges at 5. I understand that companies need to make a profit, but this is ridiculous. I emailed them back both times, but got a canned letter about profits, and providing quality service and the...

Rapid Fire Q&A

amendment, avoid Bankruptcy, chapter 13, chapter 7, discharge, Divorce and Real Estate, FAQ, foreclosure, garnishment, Q and A, student loansTerrance Leeders

Here are a sampling of questions I have been getting regarding bankruptcy an bankruptcy process. If you would like further bankruptcy information, please contact my law office.

Judgment
Q:
If a Judgment was won against you for a security bond and you file bankruptcy with no real property or income, can that judgment be included in the bankruptcy?
A:
I am not totally familiar with a 'security...

Women On the Go Online Feature Guest

women on the goLeave a commentTerrance Leeders

Hi all.I just wanted to let you know that I have been invited to be a featured guest speaker on financial matters on the website Women On The Go Online. I will be speaking on bankruptcy, finance, and other money matters.Women on the Go Online is hosted by Nikki Woods, AM Morning personalilty on WGCI radio in Chicago.The monthly podcast can be found on the homepage, and my first topic, 'How to Avoid Bankruptcy' ran in June 2007.I discuss several tips and tricks on how to improve your daily,...

How to extend the life of your car

UncategorizedLeave a commentTerrance Leeders

Below is a link to an article I found about how to get the most life out of your car.Many of my clients find themselves in bankruptcy with a huge car payment (or 2)This extra money could go a long way to get one out of debt, so if you can keep your car running for a few more years and avoid the temptation of getting a new car every 3 or 4 years, you can be on your way to financial freedom!How to live past 150,000 (miles, that is)From Aaron Gold,Your...