bankruptcy exemptions Archives - Cook County Bankruptcy

V is for …. Valuation of assets in bankruptcy

August 7, 2013722 redemption, assets, bankruptcy exemptions, chapter 13, chapter 7, lien stripping, redemption, unsecured debts, valuation, wholly unsecured mortgageLeave a commentTerrance Leeders

With chapter 7 bankruptcy, putting a value on your assets is of utmost importance.Each state gives debtors limited exemptions to protect assets, so the proper value of your belongings is crucial. Now, in general, the trustee in your chapter 7 case is not interested in the small stuff like your spoons, your old tv from 1984 etc. The trustee is looking for assets of value that can be liquidated to pay your creditors, such as new electronics, collectibles - autographs, memorabilia, vehicles,...

Bankruptcy Exemptions for retirement accounts in IL, reaffirming car lease and home

May 22, 2008bankruptcy exemptions, car lease, reaffirmation agreementLeave a commentTerrance Leeders

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Subject:	assets in bk
Question:	are both 401K's and IRA's exempt from chpt 7 in IL? Also, while credit is still in good standing can I lease a new vehicle getting a good interest rate and not have to list them a debtor? What happens to my house if it has no equity but I continue making the payments on time.

Leeders Law

3 months ago

Thinking about bankruptcy in Illinois? If you and your spouse own your home as tenants by the entirety, it could offer significant protection. This type of ownership generally shields your home from creditors if only one spouse files for bankruptcy. However, there are exceptions and complexities. Don't leave your home's fate to chance! Consult with a qualified bankruptcy attorney to understand your#bankruptcyb#realestater#tenancybytheentiretyh#Illinois #HomeProtectionP#bankruptcyb#Exemptionse#leederslawleederslaw ... See MoreSee Less

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Leeders Law

3 months ago

Can you discharge income tax debt in bankruptcy? The answer isn't always simple. Some income taxes may be dischargeable, while others are not. Factors like the age of the tax debt and whether returns were filed play a role. Want to learn more about how bankruptcy could impact your tax obligations? Contact a bankruptcy attorney for a consultat#bankruptcyu#taxest#incometaxm#debtreliefel#askalawyera#bankruptcydischargeh#leederslawrslaw ... See MoreSee Less

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Leeders Law

3 months ago

Stop using credit cards if you are trying to get out of debt. Compounding interest is a powerful force that can work in your favor or against you. When it comes to credit card debt, compounding interest can be a major problem.Here's how it works:The Basics: When you make a purchase with a credit card, you're essentially borrowing money from the credit card company. The interest rate on your credit card is the cost of borrowing that money.Compounding: If you don't pay off your entire balance each month, the interest on your debt will start to compound. This means that you'll be charged interest on not only your original balance, but also on the interest that you've already accrued.The Spiral: The longer you carry a balance on your credit card, the more interest you'll pay. This can quickly lead to a situation where you're paying more in interest than you are in actual purchases.Here are some of the dangers of compounding interest on credit card debt:It can make it difficult to pay off your debt. The more interest you pay, the less money you have available to pay down your principal balance. This can make it seem like you're never going to get out of debt.It can damage your credit score. A high credit card balance can negatively impact your credit score, making it more difficult to get approved for loans in the future.It can lead to financial stress. Dealing with credit card debt can be a major source of stress and anxiety.If you're struggling with credit card debt, there are a few things you can do:Make a budget. This will help you track your spending and identify areas where you can cut back.Create a debt repayment plan. This could involve consolidating your debt into a lower-interest loan or using the debt snowball method.Talk to a financial advisor. A financial advisor can help you develop a plan to get out of debt and improve your financial situation.File a bankruptcy to get a fres#bankruptcya#creditcarddebto#interest-#chapter7a#leederslawreditcarddebt #interest #chapter7 #leederslaw ... See MoreSee Less

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bankruptcy exemptions

V is for …. Valuation of assets in bankruptcy

Bankruptcy Exemptions for retirement accounts in IL, reaffirming car lease and home