This fall, local bankruptcy attorney Terry Leeders will be attending this years American Bankruptcy Institute's 7th Annual Chicago Consumer Bankruptcy Conference.Sessions will include discussion on the proposed National Chapter 13 plan, the best practices in client advocacy, evidentiary hearings, social media to name a few. This continuing legal educational conference is focused entirely to consumer bankruptcy professionals -debtor attorneys, creditor attorneys, judges, and bankruptcy...
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...
Tax refunds in Illinois bankruptcy cases
As 2010 winds to a close, we hope you are enjoying your holiday season and we wish you the best for the New Year. Tax refund time will be approaching soon, so this post includes a few tips to help your bankruptcy case go smoothly in the new year. When it comes time to meet with the bankruptcy trustee after we file your case, they will ask you about your tax refund. Here are some general tax refund tips to help you most debtors avoid any problems when they file the case:
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Bankruptcy Audit’s suspended
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
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
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
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...