Unsecured debt is the debt most debtors in bankruptcy are looking to discharge. This includes credit cards, medical bills, utility bills. It also covers repossessions, broken leases and foreclosure deficiencies.Tax debt and child support are also labeled as unsecured debts, but these take on different dischargability issues. Most unsecured debts are dischargeable in bankruptcy. The notable exceptions are domestic support obligations (DSO's) namely child support and...
Deeds and Homeowner Association Fees – Bankruptcy Home Blog
Deeds and Homeowner Association Fees - Bankruptcy Home Blog
Interesting fact pattern here. The spin I see is that the debtor files bankruptcy and 'surrenders' the home.
Many mistakenly believe discharging the mortgage means the house is no longer theirs. It still is, until the property is sold or goes thru foreclosure. The HOA or condo assessments incurred from the date of bankruptcy until then, are the debtor's responsibility since they owned the property!
The rule is to...
T is for Terrance Leeders – head bankrutpcy attorney and owner of Leeders & Associates
Hi All. I was recently interviewed for an article by BankruptcyHome.com. I have enclosed a link to their article. If anyone as has any further questions, feel free to contact me at Leederslaw.com, or call me at 312-346-7400. I'm happy to help any consumer or small business debtors file for bankruptcy relief, and as always, we offer free consultations for Bankruptcy.http://www.bankruptcyhome.com/attorney-interviews/terrance-leeders
S is for Setoff of bank accounts and bankruptcy
I see this issue frequently.
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R is for repossession
R is for Repossession
I would estimate that over half, if not 75% of my clients have had a repossession in the past, many with 2 or even 3 of them. Chapter 7 is a great tool to wipe those debts out and get a fresh start. But, if it just happened, and you want your car back?? I can get it back for you!! Generally in Illinois you get 21 days from the date of the repossession to file a Chapter 13 bankruptcy. This will allow you to get the vehicle back!...
Chicago Bankruptcy – O is for One on One Personal Service
At Leeders & Associates, we treat each client with respect, and customize each case to each individuals needs. We are not a large bankruptcy mill, with hundreds of staff helping you....we offer a more personalized experience. We know our clients by name, not by an account number or their bankruptcy case number.Attorney Terry Leeders files every bankruptcy case, so he has intimate knowledge of every case. He reviews each case for accuracy,...
N is for a no asset report in bankruptcy
This is the holy grail in bankruptcy, what every chapter seven debtor wants.
A no asset report by the standing bankruptcy trustee means there are no assets to administer in the bankruptcy case for the benefit of creditors. It's either because your exemptions are great enough to protect all of your belongings, or that there is no significant value that the trustee would receive if they tried to liquidate the unexempt asset. (The trustee does not want to sell your used VHS cassette tapes at...
L is for Leeders
Ah, a bit of self promoting here!. My name is Terry Leeders, a consumer bankruptcy attorney who practices law in Chicago and the surrounding suburbs.
I've been in practice since 1998, and have focused on bankruptcy law from the start. I grew up in and around Chicago, and live here with my wife and newborn son. I went to Thomas M. Cooley Law School and the University of Illinois Champaign-Urbana for undergraduate...
G is for Garnishment
Many people file bankruptcy because a creditor has a garnishment.A garnishment is a court order to deduct a portion of a debtor's wages to pay a creditor who sued the debtor and obtained a judgment. Garnishments are stopped though the instant a bankruptcy case is filed, regardless if it is Chapter 7 or Chapter 13. In my Chicago bankruptcy law office, we send a fax notice to the creditor's attorney as to the payroll department or HR supervisor.Contrast this with a wage assignment....
Keeping a corporate credit card after bankruptcy?
| Subject: | Chapter 7 & Corporate Credit Card |
| Question: | My husband and I are reviewing our options but need to find out if his corporate American Express card (which is paid in full each month) would be included in a discharge. The card is tied to his SS number, but is tied to his job. If this card were to be included, he... |