Tuesday, July 29, 2014

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.


Chicago, IL

Monday, July 28, 2014

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


Wednesday, July 23, 2014

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!

Tuesday, July 22, 2014

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.

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

Friday, July 18, 2014

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.

Thursday, July 17, 2014

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.

Wednesday, July 16, 2014

Announcing our new twitter feed

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

Friday, July 11, 2014

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