Meet The Bankruptcy Lawyers
Our Chicago bankruptcy team will advise you through the bankruptcy process. We offer one on one personal bankruptcy services and will remove the stress from the bankruptcy proceedings.
Terrance S. Leeders, attorney, owner
Terry Leeders lives in Chicago with his wife and two children. He graduated from the University of Illinois, Urbana-Champaign and Thomas M. Cooley Law School. Terry enjoys coaching his childrens T-Ball team and volunteering in his community. Terry is an avid Chicago Cubs fan.
Terry started his legal career in 1998, where he focused his practice on Chapter 7 and Chapter 13 consumer bankruptcy cases. He has met with and counseled thousands of clients about their financial needs. Terry realized that there was more he could offer each client in a small firm environment. Terry wanted to improve his clients experience so he opened up the law firm of Leeders Law in which where he provides his clients that one on one personal service they deserve.
Education:
Is Your Business Facing Unmanageable Debt And Considering Business Bankruptcy
When a business falls behind on its bills, the situation can become far more complicated very quickly, often involving more than just debt owed to banks and employees: businesses in this situation frequently also owe money to the IRS. If you own a small business and face unmanageable debt, you need a skilled bankruptcy lawyer to help your business get back on its feet. During a financial crisis, you dont want someone selling a cookie-cutter solution you want an experienced bankruptcy attorney who is focused on creating the best custom strategy to ensure a positive outcome for you, your family, and your business. Schedule a free consultation today.
Chicago Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is a legal tool that allows debtors to create and follow a realistic debt payment plan. When you file for bankruptcy under either Chapter 13 or under Chapter 7, an order for relief an automatic stay goes into effect. The automatic stay prevents creditors from harassing you about mortgage debt, credit card debt, auto loan debt, and medical bills during the period of the bankruptcy. A Chapter 13 bankruptcy usually allows those with a regular income to pay their debts over a period of three-to-five years, and it consolidates those debts into one monthly payment. Its the legal way to avoid foreclosure or repossession and to begin managing out-of-control debt effectively. A number of factors determine if you are eligible to file a Chapter 13 bankruptcy. In the Chicago area, if you believe that a Chapter 13 bankruptcy might be best for you, speak right away with an experienced Chicago Chapter 13 bankruptcy lawyer at the Bentz Holguin Law Firm.
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Why File For Bankruptcy
People wind up filing for bankruptcy for many reasons, often involving outside forces or unforeseen expenses: Medical debt and unexpected health care costs can quickly spiral out of control, credit card debt can accrue due to business expenses or needing to use a credit card during periods of unemployment and low cash flow, investments in the stock market, real estate or other financial vehicles might suffer due to a financial crisis, or a supply chain shutdown can cause debt to cascade in times of pandemic or due to oil price fluctuations. In any of these situations, a bankruptcy attorney can help you find the best course of action.
What Questions Should I Ask A Bankruptcy Lawyer?
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Not sure what to ask a bankruptcy lawyer? Here are a few sample questions to get you started:
- How long have you been in practice?
- How many bankruptcy cases have you handled?
- How much does a bankruptcy filing cost? How much of that cost is attorney fees vs. filing fees?
- Where is your office in Chicago located?
- What are the next steps?
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What Can An Illinois Bankruptcy Lawyer Do For Me
- Explaining and guiding you through the bankruptcy process,
- Analyzing your financial situation,
- Evaluating your assets and obligations,
- Advising you regarding which exemptions to claim,
- Preparing and reviewing your bankruptcy petition,
- Attending meetings with your creditors ,
- Following up with your creditors to stop any post-filing collection efforts,
- Representing you in any litigation that may arise out of the bankruptcy, and
- Attending hearings on your behalf.
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Benefits Of Filing For Bankruptcy
Regardless of which bankruptcy you file for, there are some common benefits that you as a debtor might reap.
Chapter 7 Bankruptcy Chicago IL gives you a much-needed fresh start. It gives you relief from a certain amount of debts, which encourages you to start a new journey. Alternatively, if you want to continue with your existing business, as it gives you a consistent income, Chapter 13 Bankruptcy allows you to create a workable plan for your repayments.
Bankruptcy helps cancel all the liabilities that are at least three year old.your existing business, as it gives you a consistent income, Chapter 13 Bankruptcy allows you to create a workable plan for your repayments.
This proceeding is a much more convenient way to escape from lawsuits, defaults and any missed repayments.
Even bankruptcy cant save from any debt related to student loans, but it does prevent lenders from any aggressive or uncalled collection action.
Bankruptcy puts an end to things such as, repossessions, threats from creditors and even lawsuits.
Bankruptcy allows many exemptions, so it does help you to keep some things when paying off a debt.
Why Choose A Chapter 13 Bankruptcy
One files a Chapter 13 typically for one of 2 reasons. The first reason is that he would somehow benefit from undergoing a payment plan rather than a straight liquidation . If one is behind on mortgage payments, a plan will allow the filer to bring his payments current over the life of the plan. The same applies to car payments, with the added possibility that the total amount to be paid and the monthly payment may actually be adjusted in the filers favor under certain circumstances. One might also benefit from a payment plan in paying off a non-dischargeable debt over time or effectively paying for the right to keep property that would have been taken under Chapter 7.
Additionally, Chapter 13 can, under certain circumstances, allow a filer to release entire mortgages from their real property.
The other reason to file Chapter 13 is that one does not qualify for Chapter 7 but still requires bankruptcy protection. Remember that in order to qualify for Chapter 7, one must pass both the Means Test and the Ability to Pay Test. Additionally, Chapter 7 bankruptcies can only be filed every 8 years, whereas Chapter 13 bankruptcies can usually be filed at any time.
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How Much Do Bankruptcy Lawyers In Chicago Charge
The cost of a bankruptcy lawyer varies by location, chapter of bankruptcy being filed, the complexity of an individualâs finances, and the experience of the attorney setting the fees. In general, Chicago residents filing for Chapter 7 can expect to pay anywhere from $900 – $1,200 for an attorneyâs help filing their case. In exchange for these attorneysâ fees, a firmâs legal team will help an individual debtor prepare for their Trustee meeting, help them file their bankruptcy paperwork, and do much of the âheavy liftingâ preparing required documents. Having an experienced bankruptcy attorney in your corner can be very helpful. However, not all filers can afford this kind of legal assistance.
Why Do You Need Chicago Chapter 7 Bankruptcy Attorneys
Now you may wonder, Why do I need the best bankruptcy lawyer Chicago to file for bankruptcy? Cant I deal with this case myself?
Well the answer is, no. If your case is simple and straightforward, you might choose to deal with this hassle yourself. However, if it involves valuable assets, a Chicago IL bankruptcy lawyer is the best individual to get you out of this trap.
While hiring top bankruptcy lawyers in Chicago IL, may seem quite costly and daunting, it is the best way to deal with this legal proceeding.
Here are some ways in which cheap Chicago bankruptcy attorneys can help you.
Bankruptcy Planning
Bankruptcy lawyers in Chicago Illinois can easily recognize all the hiccups that may arise during the planning stage. For instance, sometimes bankruptcy is not the final solution, and so a lawyer can help you guide on other alternatives that might work for you. This suggestion may save you lots of time and money.
Additionally, Chicago bankruptcy attorneys help you choose the type of bankruptcy in Chicago Illinois that may work for you. Since each type serves a different purpose, a lawyer is educated enough to guide you in the right direction.
Whats more, bankruptcy planning may sound daunting if you are doing it for the first time. In that case, a top bankruptcy attorney Chicago with years of experience can guide you on every stage and then help you curate a successful plan within a short time.
Bankruptcy Preparation
During Bankruptcy
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Understand Voluntary Deposits Better
By opting for voluntary deposits, you commit to reimbursing your creditors by paying a percentage of your salary until your debts are paid back. The voluntary deposit amount is set by law and may surpass your budget.
The seizable part of your salary corresponds to 30% of your gross income after deduction of amounts provided for dependents. However, this percentage can increase to 50% of gross income if alimony is part of the voluntary deposit.
It is recommended you meet with a professional to learn if a voluntary deposit is the solution to your debt.
Contact Our Experienced Chicago Bankruptcy Lawyers Today
The larger law firms handle a huge volume of cases and often cannot give a particular case the special attention it needs. In those firms, the smaller cases are often passed on to junior associates who may not be adequately experienced or sufficiently qualified. The experienced Chicago bankruptcy lawyers at the Bentz Holguin Law Firm handle your case personally you arent handed over to an assistant, and you never become just another case number. The Bentz Holguin Law Firm maintains high professional standards provides affordable, quality legal services, and works hard to bring your case or legal concern to its best possible resolution. Contact the Bentz Holguin Law Firm today and schedule a free consultation by completing the form on this websites contact page or by calling 312-647-2116.
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Our Firm Covers Bankruptcy In The Wake Of Covid
The COVID-19 pandemic has damaged the economy, leaving many families and business owners worried about how they will pay for even the most basic expenses. In the midst of this crisis, you might be considering filing for bankruptcy or wondering how COVID-19 will affect an existing bankruptcy filing.No matter your situation, Chicago Bankruptcy Law Firm of Daniel J. Winter is here to help give you the answers and assistance that you need. We are more than happy to explain to anyone in financial distress exactly what their options are. To schedule a consultation with an experienced Chicago bankruptcy lawyer, contact us at 789-9999 or submit a contact form. We offer the “Touchless Bankruptcy” so you dont have to leave your home to consult with us!
How Does The Process Work
The process is fairly simple and straightforward, but there are still steps that must be taken to ensure a positive outcome. Therman Law Offices will take you through the process step by step and answer any questions you may have along the way. Heres a brief description of how bankruptcy works: after filing, the debtor is generally released from his or her debts approximately three months after being declared bankrupt. Being released means you no longer have to make payments on your debts. A bankruptcy can also lead to reduced interest rates and payments on debt that wasnt eligible for discharge . The stigma surrounding bankruptcy has all but disappeared over the years its now become more of a financial solution rather than something people only turn to when they fail.
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Reconsidering The Honorable Thing To Do
Many of my clients had attempted to avoid bankruptcy as a matter of honor. Although deciding to file bankruptcy is certainly a very personal decision, many have pointed out that much of what they owe is actually comprised of exorbitant interest rates, late fees, and the like. While I am not seeking to villainize creditors, one should consider that paying debts is not a simple issue of right and wrong. Indeed, the whole reason bankruptcy exists is to allow persons a second chance. Capitalism depends upon its citizens taking some risks yet being able to live another day if those risks do not ultimately pan out. Who would start a business if its failing would relegate the entrepreneur to decades of poverty?
How To Find The Right Attorney
- Determine the area of law that relates to your issue. Attorneys specialize in specific practice areas around legal issues within the broad field of law.
- Seek out recommendations from friends, family, and colleagues. A successful attorney or practice will typically have many satisfied clients.
- Set up consultation appointments to get a better understanding of your case as well as gauge your comfort level with different attorneys. Find the attorney who is the right fit for your needs.
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Choosing The Wrong Bankruptcy Chapter
Most individuals file for either chapter 7 or chapter 13 bankruptcy. A person must qualify for chapter 7 bankruptcy and the process generally involves selling assets to discharge debts. Chapter 13 allows individuals to develop a plan demonstrating how they will repay their debts over a period of time in exchange for keeping certain valuable property. It is important to understand the pros and cons of both categories and to take your specific financial situation into account. A Chicago bankruptcy lawyer can provide you with all the information you need to help make that decision.
Each Client Receives Detailed And Personal Attention
Greg takes pride in providing each of his clients with personal attention. He understands that bankruptcy and foreclosures are not comfortable topics for most of his clients. He takes the time to ensure that every client understands all the options. He helps his clients determine the best option in their case. He takes the time.
He is the owner and founder of Gregory K. Stern, P.C. Bankruptcy and Foreclosure Attorneys in Chicago, IL. 312-427-1558. Located at 53 West Jackson Boulevard, Suite 1442, Chicago, Illinois 60604, the firm of Gregory K. Stern P.C. helps bankruptcy and foreclosure clients throughout the Chicago area. Helping Mr. Stern is a small group of highly talented individuals. See Our Attorney pages for more information.
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How Bad Is It To File Bankruptcy Twice
Although possible, due to the damaging nature of bankruptcy, filing bankruptcy more than once isn’t recommended. Filing multiple times puts a serious burden on one’s credit report, making it harder to get a loan, buy a house, buy a car, or even open credit cards.
Note that filing for bankruptcy isn’t something that can be done at a filer’s leisure. There are time limits following bankruptcy cases that dictate when it’s permissible to file again. For example, after Chapter 7 bankruptcy, filers must wait at least eight years before filing Chapter 7 again or four years before filing Chapter 13.
How To Prepare For Your Initial Consultation
Prepare for your consultation by writing down notes of your understanding of the case, jot down questions and concerns for the attorney, and gather your documents. Remember that you are trying to get a sense of whether the attorney has your trust and can help you address your legal issues. Questions should include how the attorney intends to resolve your issue, how many years he/she has been practicing law and specifically practicing in your area, as well as how many cases similar to yours the attorney has handled. It can also be helpful to broach the subject of fees so that you understand the likely cost and structure of your representation by a specific attorney and/or legal team.
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One Meeting Will Make All The Difference
Once you have filled out the form and your debts have been analyzed, a Ginsberg Gingras licensed insolvency trustee or administrator will contact you. You can meet this professional at a time convenient for you and in complete discretion. With his or her recommendations, the solutions to your debt problems will seem easier to implement.
Completing The Chapter 13 Plan
After a Chapter 13 Plan is approved by the Bankruptcy Court, the filer will normally continue to make payments in accordance with the plan. However, should emergencies or change of circumstances arise, your bankruptcy attorney would remain on-call to address those. Oftentimes the court will allow missed or reduced payments in the case of emergencies, and reduced payments going forward in the case of changed circumstances.
Again, the debts involved in the bankruptcy remain on hold while the payments are made. Upon completion of the plan payments, these debts are permanently discharged with no lapse in bankruptcy protection from collection actions.
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What Is Voluntary Deposit
Voluntary deposit is a measure provided for by the Quebec Civil Code designed to protect you against wage garnishment and the seizure of certain property. This solution allows you to pay your debts through the Court at regular intervals. The Court then divides your payment among your creditors. Payments must be made until you have paid back 100% of your debts.
