We have been up to some exciting things lately. We have launched our Spanish version of Chicago Bankruptcy Network, or "Red de la bancarrota de Chicago" en Espanol! The site is located atwww.Chicagobankruptcynetwork.com/spindex.htmlYou can always speak to one of our helpful associates at 312-427-0644Se habla espanol.
Updated Median Income Figures for Means Test Calculations
As of Cases filed on or after October 1, 2006, the US Census bureau has issued new figures to compare a debtor's income against the for Median Income Level for their family size in their state.
The new figures are as follows for Illinois:Family Size Median Income
- $41,650
- $52,891
- $62,176
- $72,368
with $6300 added for each additional person in the household.
Therefore, under...
Bankruptcy and credit reports
I am often asked 'How long will bankruptcy stay on my credit report?'Under the Fair Credit Reporting Act, bankruptcy filing can remain on your credit report for up to 10 years. However, most debtors are able to get new credit shortly after receiving their bankruptcy discharge.Equifax www.transunion.comExperian www.experian.comThe credit bureaus will either zero out discharged debt, or list that the debt was discharged under bankruptcy.There are many car companies, loan companies,...
What’s the difference between Chapter 7 and Chapter 13 bankruptcy?
What is the difference between a Chapter 7 and a Chapter 13 Bankruptcy?
I get calls all day with this exact question. Although they are both bankruptcies, clients who file have different goals and rationale for filing:
Chapter 7 is a complete liquidation. It is designed for individuals and certain companies who do not have the ability to pay their debts. In chapter 7, the trustee will liquidate any non-exempt property in order to distribute the proceeds to creditors according to the...
Chicago Bankruptcy Blog
Chicago BankruptcyLeeders & Associates, Ltd. are friendly, experienced Chicago bankruptcy attorneys who provide professional legal services to the Chicago area. While focusing primarily on personal bankruptcy law (Chapter 7 and Chapter 13), we offer an array of legal services to clients throughout Chicago and the surrounding suburbs.go to http://www.leederslaw.com or call 312-427-7400
Click here to contact us today for...