Tuesday, August 27, 2013

X is for ....X-ray Bankruptcy Chicago

X.  Not many words start with X, and even fewer are related to bankruptcy.
So, I'll keep this bankruptcy post short.
Bankruptcy court is located in the federal building in Chicago, IL . 219 S. Dearborn, Chicago, IL 60604 The Dirksen Federal Building.   Bankruptcy section 341 meetings are held here too in Chicago.

You have to put your belongings through an X-Ray machine to get into the building.   The metal detectors are sensitive too, so take off those belts, large watches, and put your keys, cell phones and other metal objects into the tray and send them into the X-Ray machine with your briefcase, purses, coats, backpacks etc.   Also have your photo Id out as well, they check that too when you pass through the metal detector.

Better yet, leave most of these things at home or in your car.

Contact me today for a free bankruptcy evaluation in the Chicago, Illinois area.  312-346-7400 Bankruptcy can help you get your life back on track.

Friday, August 16, 2013

W is for Warrenville Illinois bankruptcy attorney office

Leeders & Associates has bankruptcy law offices that serve Chicago and the surrounding suburbs.

Our office at 27475 Ferry Rd Warrenville, IL 60555  serves our South and Southwestern suburban clients.   This is located in the Americenters Office Suites just steps away from I-88 at the Winfield Rd. exit.

We are usually there for new bankruptcy appointments on Saturday mornings.    Clients hail from Warrenville, Lisle, Naperville, Aurora, Downers Grove, Wheaton, Bolingbrook, West Chicago have met us here.   We file both chapter 7 and chapter 13 bankruptcy cases for our clients.

Call us today at 312-346-7400 or schedule a free bankruptcy consultation by submitting an evaluation  from our webiste here

If you can't make it in to our Warrenville, Illinois bankruptcy office, you can schedule one for our Schaumburg, Illinois bankruptcy office, our Chicago Loop Bankruptcy attorney office (headquarters), or our South Side of Chicago bankruptcy lawyer office (near Beverly, Evergreen Park, Oak Lawn area). 

Or, if it is impractical to meet us here, we can even do free bankruptcy phone consultations with you too.
So contact us today for a free mini-phone evaluation, and we'll schedule you for the time and place that is most convenient to you.

Our job is to help you out of debt, to get a fresh start in life and help get you back on financial track so you can focus on the important things in life.

Wednesday, August 07, 2013

V is for .... Valuation of assets in bankruptcy

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, equity in homes and such.

 Obviously the debtor and the trustee can have different opinions on value, so for the important stuff, like your house, and your car, valuations or appraisals can be easily obtained.

 For homes: is good starting point, although results can vary. A comparable market report from a real estate agent is better, and it is usually free! The best would be a full blown walk thru appraisal, but those can be a few hundred dollars.

 For Cars: retail value is a good place to start (and the go to for trustees and creditors and the judge in Chicago bankruptcy cases) Also Carmax offers free appraisals too if you want to bring your car in. In chapter 7 cases, where the debtor wants to redeem their car, they need a good valuation on the vehicle. The court will look to the value of the car upon motion by the debtor, and can eliminate any over-financed portion of the vehicle note. The debtor would make a lump sum payment to pay off this value (usually obtained thru a new vehicle loan for which there are a handful of lenders I can refer you too). This can save you a lot of money month to month, and over the life of the new loan.

 In chapter 13 cases, secured debt can be crammed down to the fair market value, hence valuation is important here as well, with the unsecured portion often receiving pennies on the dollar with little to no interest. Also in chapter 13 cases, home valuation comes into play by allowing the debtor upon motion or adversary proceeding to strip off a wholly unsecured second (or third) mortgage if the value of the home is less than what is owed on the first mortgage. This stripped off loan can then be paid pennies on the dollar, often saving the debtor thousands of dollars!

 So, as you can see, valuation is very important in the bankruptcy process. Contact me to review your assets and determine what issues you may have, what I can protect in a bankruptcy filing, and what benefits your valuations can provide for your house and car if you are looking to file chapter 7 or chapter 13 bankruptcy in the Chicago area.

Tuesday, August 06, 2013

Get your car back with a chapter 13 bankruptcy case!

I've posted a video about how I can get your car back with a chapter 13 bankruptcy case in the Chicago, Illinois area. Check it out. Terry