Chicago Bears in Bankruptcy Court

The Chicago Bears have filed a proof of claim for an unsecured debt owed them in Edison Mission Energy's Chapter 11 bankruptcy case, claiming that Edison owes them $114,240 for use of an executive suite.  Read about the matter here:


http://blogs.wsj.com/bankruptcy/2014/08/19/chicago-bears-in-bankruptcy-brawl/

Study: 1/3 of Americans don't have anything saved for retirement

Can you believe it? 1 in 3 Americans have no savings?
1 in 5 nearing retirement age have no savings either.
This does not bode well, especially when they turn to the government for support.
But bankruptcy can help get people back on track.
There are required courses that can help educate debtors after bankruptcy, stressing the importance of saving.  Contact me know and I can help you too!
www.LeedersLaw.com
312-346-7400
Free bankruptcy advice.
Let me lead you to financial freedom.

Here is the article on the study.

https://finance.yahoo.com/news/36--of-americans-haven-t-saved-anything-for-retirement--bankrate-com-163208530.html

bankruptcy law clerk position available -Job listing

We are a small, loop law firm with an immediate opening, seeking to hire a legal assistant/receptionist/law clerk for our bankruptcy practice.
Candidate must be a motivated self starter, be able to pay attention to detail and show initiative.
Schedule will be 9-5pm Monday - Friday plus 2 Saturday mornings per month (9-12pm).

Job duties include:
answering phones
scheduling appointments
docketing motions
bankruptcy petition preparation
filing cases
scanning
greeting clients
copying & mailing motions

Must be proficient in MS office - word, excel, outlook as well as adobe acrobat.
Must be able to type 70wpm
Must have vehicle.

please forward resume and cover letter to info@leederslaw .com 

Study: 35 percent in US facing debt collectors: Associated Press

Study: 35 percent in US facing debt collectors: Associated Press



I can help. Why be part of this group, when a quick chapter 7 or a chapter 13 bankruptcy repayment plan will help?

Call me today and don't be a statistic.

312-346-7400

www.LeedersLaw.com.

Chicago, IL

10 year anniversary of Leeders & Associates Bankruptcy law firm

Today is the 10th anniversary of Leeders & Associates!

In 2004 I started this firm to offer my clients more bang for their buck.  I wanted to make sure they received the best service possible, to help them on their way.  Clients are more than just an account number.  They are people, like you and I.   They come to me at a low point, struggling to get by.  I wanted to give them a helping hand, and lead them to financial freedom.   Bankruptcy was just the tool to do it.   I also wanted to be a counselor as well, helping to cure the problem, rather than putting a band-aid on the result.   These steps have reaped many referrals, which is the ultimate thanks from my clients, who put their trust in me to get them the results they wanted, and to help them learn how to take the steps forward to prevent these issues from arising again.  I hope to expand these services to help clients even more over the next ten years as well.  The job is never finished. I have helped over 5000 clients over the last 10 years, and hope to help 5000 or more over the next 10 years!

Thank you to all of my past and present attorneys, staff, vendors, judges, trustees and colleagues.  Without you, this would not have been possible.   Thank you to my wife and children, my parents, my brother, and all my friends and family for all of your love, support, assistance, and patience!  Thank you to my clients as well.  Sometimes it was easy, sometimes it was rough, but here's to another great 10 years.  Thanks


Terry
312-346-7400
www.LeedersLaw.com
www.facebook.com/leederslaw
www.chicagobankruptcynetwork.com

Payday loans - stop wage assignments

Did you know that a Chapter 7 or Chapter 13 can stop a wage assignment?
Did you know that I, as your bankruptcy attorney can stop a wage assignment even without filing your case?
Credit unions, payday loans, and internet loans to name a few, often make debtors sign voluntary wage assignments so that they can take money from the consumers' paycheck in the event they fail to make the installment payments.

I can stop this!
It's true!

Pursuant to the Federal Trade Commission Trade Regulation Rules 16 CFR (I)(D)  444.2.  The FTC Trade Regulation, in relevant part provides that:

In connection with the extension of credit to consumers in or affecting commerce, as commerce is defined in the Federal Trade Commission Act, it is an unfair act or practice within the meaning of Section 5 of that Act for a lender or retail installment seller directly or indirectly to take or receive from a consumer an obligation that:

(3) Constitutes or contains an assignment of wages or other earnings unless:

(i) The assignment by its terms is revocable at the will of the debtor, or

(ii) The assignment is a payroll deduction plan or preauthorized payment plan, commencing at the time of the transaction, in which the consumer authorizes a series of wage deductions as a method of making each payment,  or

(iii) The assignment applies only to wages or other earnings already earned at the time of the assignment. 

Therefore, We can send certain revocations to your payroll and to your creditor to stop the deductions. 

The creditor can then take other steps to collect, but these are thwarted upon filing of the bankruptcy chapter 7 or chapter 13 case.

Call me today if you need help stopping a wage assignment.  312-346-7400 and let us lead you to financial freedom!  www.LeedersLaw.com

Northern District of Illinois Bankruptcy Filing Statistics - 2014 Year to date

So far, in 2014 there have been 29,052 bankruptcy cases filed in the Northern District of Illinois

Compared to this time last year, when 31,754 cases were filed, down, almost 9%.

Adversary proceedings were down from 1064 to just 610 this year, over 42%.

11,120 (38%) of these cases were for debtors living in Chicago, followed by 592 in Rockford, 536 in Aurora, 452 living in Joliet, 289 from Plainfield, 281 in Elgin, 280 in Bolingbrook,  271 in Calumet City,  246 in Waukegan, 238 in Naperville, 232 in Dolton,  226 in Berwyn, and 211 in Des Plaines. 

The remaining cities were each all below 200 filings.

A full list of bankruptcy filing statistics can be found here. 

Good news! I file cases for consumers in all of these cities!  Contact us for a free consultation to discuss your individual cases! 312-346-7400

www.LeedersLaw.com   Contact us today, and we will lead you to financial freedom.

Continuing bankruptcy education this Fall at the American Bankruptcy Institute Chicago Consumer Conference

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 trustees who will put on presentations and lead discussions on hot bankruptcy topics for the debtors' and creditors' bankruptcy practice.

 Distinguished Faculty members who will provide valuable insight include:

• Bankruptcy Judge Janet S. Baer 
• Bankruptcy Judge Donald R. Cassling 
• Bankruptcy Judge Catherine J. Furay 
• Bankruptcy Judge Thomas M. Lynch 
• Bankruptcy Judge Eugene R. Wedoff 

Numerous local creditor and debtor attorneys will share their viewpoints and experience, as will local Chapter 7 and Chapter 13 Trustees and staff attorneys, the United States Trustee office, as well as the Illinois Attorney Registration & Disciplinary Commission. 

Here are the scheduled topics for discussion:

• Timing of Credit counseling received on the petition date: the requirements of section 109(h)(1). 
• Potential Student loan dischargeability in bankruptcy.
• “Fee jumping” in chapter 13 cases. 
• Collateral Disposition Issues Best Practices in Client Advocacy 
• The Evidentiary Hearing: A Demonstrative Exhibit on Direct and Cross Examination, Foundation and Hearsay 
• The Ethics of Social Media: How to Avoid Acting Like a Tweet — and Other Good Advice Your Mother Did Not Teach You

Looks to be quite informative and should be engaging as always. Look for followup posts after the conference.

Who gets paid first, last in chapter 7 asset cases

Love Culture clothing store chain files for chapter 11 bankruptcy

Women's Clothing Chain Love Culture Files for Chapter 11 Bankruptcy this week. They indicate that they have many interested buyers and may be sold. The company, started by former Forever 21 executives, claims it's financial woes were due in part to costs and expenditures to improve its electronic infrastructure. Love Culture’s clothing and accessories line target young women and has 76 stores in the US. It would seem that a quick sale would allow their assets and clothing lines to be easily merged into the current product lines of a competitor. Wouldn't it be ironic if Forever 21 steps up? Time will tell.

Crumbs Bake shop files bankruptcy

Last week they shuttered their stores in Chicago. Now Crumbs Bake Shop has filed bankruptcy. http://business.financialpost.com/2014/07/14/cupcake-maker-crumbs-bake-shop-files-for-bankruptcy-amid-potential-takeover-deal/

Announcing our new twitter feed

The new twitter feed for Leeders & Associates can be found here. www.twitter.com/leederslaw Follow @leederslaw

Can student loan discharge be on the radar? Yes if this medical bankruptcy bill passes as presented. Stay turned

Post by Leeders & Associates.

AVVO Q&A

Below is some bankruptcy Q&A I've done on AVVO.com the lawyer listings site.

Lawyer Terrance Leeders | Featured Attorney Chapter 7

Chapter 7 and Chapter 13 bankruptcy filing fee increases

I just received a memo from the United States Bankruptcy Court indicating that the filing fees for bankruptcy cases will be increasing effective June 1, 2014.


http://www.ilnb.uscourts.gov/sites/default/files/fee_schedule-06-01-14.pdf

Chapter 7 bankruptcy cases  - new filing fee  $335

Chapter 13 bankruptcy cases  -new filing fee $310.


This is a $29 fee increase.

If you wish to save a few bucks and are looking to file bankruptcy, file by May 31, 2014.
I can help. Contact me now!

312-346-7400
Terrance S. Leeders
Leeders & Associates
205 W Randolph St. Suite 1240 Chicago, IL 60606
www.facebook.com/leederslaw

Facebook Page - Chicago Bankruptcy lawyer -Leeders & Associates

Hi all. I invite you all to read and like our facebook page.

http://www.facebook.com/leederslaw

I often post useful and interesting articles related to bankruptcy.

Feel free to stop by, comment, and join the conversation!

Z is for Zero! Our last installment in our Bankruptcy alphabet series

Zero.  That is how much unsecured debt remains after a chapter 7 or chapter 13 bankruptcy discharge.  

You should be back on track now, debt free.   There are a few exceptions.  Student loans or educational debts do not discharge in bankruptcy.  Some tax debt, unless paid in full could survive a chapter 7 bankruptcy.  Child support, spousal support, alimony, or any other Domestic Support Obligations remain after bankruptcy too. 

If a debtor chooses to reaffirm a debt, and the court approves it, then that debt would survive as well. 

Cosigners are always on the hook for what they signed on too.

So, a bankruptcy case, whether chapter 7 or chapter 13, can definitely get a debtor a fresh start.

Call Leeders & Associates if you want to get out of debt with a bankruptcy discharge.  313-346-7400

www.leederslaw.com

www.chicagobankruptcynetwork.com

www.facebook.com/leederslaw

Y is for You Did It! You got a bankruptcy discharge!

Y was a tough letter to find to post about for bankruptcy.
Not many bankruptcy terms begin with the letter Y, there isn't much caselaw that starts with the letter Y.
No Judge has a name that starts with a Y in Chicago

So, I figure I'll sell the benefits of bankruptcy, with Y is for YOU DID IT!
You completed the bankruptcy case.  3 months for chapter 7, and 3 to 5 years for most chapter 13 bankruptcy cases.    So, now what?

It is a good idea to check your credit report a few months after bankruptcy.  This is a new service we are providing for interested clients.  We'll help to make sure all items are being properly reported.
You worked hard and paid a lot of money to get your credit back on track, so make sure it's being done correctly.

You should see an increase in your credit score after bankruptcy as well.  My research shows that most credit scores are predicted to jump up 50-100 points in the first year after bankruptcy.  This assumes the debtor doesn't go crazy and apply for every offer they see!  If the debtor stays on track, pays all of their bills on time, they should see an increase.  

Don't hesitate to take new debt, but only if you need it.  You'll get bombarded from tons of companies who gather your info from the bankruptcy filing and send you offers of new credit. Be smart, throw most in the trash.  You'll notice huge interest rates and tempting offers that aren't as good once you start reading the small print.

Take out a small credit card.  Use $50 each month on it. But pay off that $50 each month in full, on time as well. That will help your credit score for sure.

My clients are getting credit card and loan offers the first month after the case.  They are getting car notes the first month out of bankruptcy in Chicago as well.  Watch those interest rates and long car notes - 6, 7 years! Yikes!  My clients in the Chicago area who file bankruptcy are also getting mortgages as well within a few years out of bankruptcy.  

Nothing is set in stone, so feel free to seek out the credit, but only if you need it.  Keep your payment history clean, pay your bills on time.  That can take a few years before this has a major positive impact on your credit score, but every month counts.

Make a budget for yourself.  Be honest with yourself as well.  You had to take 2 counseling classes during the bankruptcy process,  use what they have provided to help keep you on track to financial freedom.

Don't forget, your attorney is a great tool as well to use, to help with issues you may be having.  They are a great source of referrals too, and have many vendors who are bankruptcy friendly if you need a car, a credit card, loan etc.  

Congratulations, you are out of debt and have a fresh start!
www.leederslaw.com
www.chicagobankruptcynetwork.com
www.cookcountybankruptcy.com