President Obama is expected to lay out his strategy this Wednesday to help curb home foreclosures through Chapter 13 loan modifications. He is slated to address this and other factors of the housing crisis that sparked the financial sector meltdown.

This is good news for debtors. Debtors are allowed to take the standard ownership deduction on the means test calculation for vehicles that are paid in full.7th Circuit Cases Civil - BankruptcyRoss-Tousey v. Neary, No. 07-2503 (12/17/08). Appeal, E.D. Wisc. Rev'd and rem'd.Dist. Ct. erred in finding in Chapter 7 bankruptcy proceedings that debtors who owned cars outright could not take Local Standard transportation ownership deduction for purposes of...

With the coming new year, we anticipate a surge in business. After all, holiday bills will be coming due, people will make New Year's resolutions to get their finances in order, not to mention tax refund time as well.I wanted to announce the opening of our new Joliet office location.16 W. Van Buren, Suite 303, Joliet, IL 6043, which is just down from the Joliet Bankruptcy courtroom. We offer free consultations, so don't hesitate to contact us for a free legal...

Here is a switch, I just covered this in my sports column, but it is relevant here too.The Tribune Co.has filed for Chapter 11 bankruptcy protection in Delaware.They have said in a news release, that the Chicago Cubs, including Wrigley Field, were not included in the bankruptcy filing. Efforts to sell the Chicago Cubs will continue, the company said.

Civil - BankruptcyBaldi v. Samuel Son & Company, Ltd., Nos. 08-1022 & 08-1136 Cons. (11/24/08). Appeal, N.D. Ill. E. Div. Aff'd.Dist. Ct. did not err in denying Trustee's request to recover several payments that debtor had made within four years prior to declaring bankruptcy. While Trustee attempted to establish dates of debtor's insolvency as time between beginning and end of start-up entity, Trustee failed to show that debtor was insolvent at time start-up was formed. Moreover, Trustee...

Mortgage Foreclosure ActSenate Bill 2725 (Haine, D-Alton; Harris, D-Chicago) creates a 90-day stay in Illinois courts of action in any pending mortgage foreclosure. It also prohibits the filing of any new mortgage foreclosure action during those 90 days. The 90 days begins on the Governor's signature. It is on second reading in the House. It must pass the House and go back to the Senate for concurrence with House Amendment No. 1 before it is sent to the Governor. The House meets today and...

In re: Kreisler, No. 06-3881 (10/20/08). Appeal, N.D. Ill., E. Div. Reversed and remanded.Bankruptcy Court erred in invoking doctrine of equitable subordination to essentially reduce priority of claim that debtors had purchased at discount from secured creditor. Bankruptcy rules allow creditors to sell their claims in bankruptcy estate, and said doctrine should not have been invoked since there was no evidence that debtors' purchase of secured claim harmed any other creditor. Moreover,...

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...

Here is a posting that I came across for a free legal guide. Note, that it is always wise to talk to a lawyer to get exact advice based on your unique position. I offer free bankruptcy consultations, so pick up the phone and call Leeders & Associates, Ltd. today at 312-427-7400June 06Chicago Bar Assn. Offers Free Legal Handbook for Chicagoans from the Chicago Bar Assn. CHICAGO, ILL. (June 6, 2007)— The newly revised and reprinted paperback "Your Guide to the Law: A Basic Legal Handbook...

Click the tag below to see some of the top blog sites for law related issues.