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Questions Answered by John L. GreenLeaf Jr.
1 Answer | Asked in Business Formation for Illinois on
Q: How do I know if I should create an LLC for my company? What are the downsides?
John L. GreenLeaf Jr.
John L. GreenLeaf Jr. answered on Aug 3, 2017

This question is very complex for a short answer. Some general considerations are: do you need protection of your personal assets from potential business debts or liabilities; are there investors who do not wish to participate in the day to day activities but wish to invest and share in profits or... Read more »

3 Answers | Asked in Bankruptcy for Illinois on
Q: I always hear bankruptcy referred to as a 'clean slate'. Does it really get rid of every debt I owe?
John L. GreenLeaf Jr.
John L. GreenLeaf Jr. answered on May 16, 2017

Most types of debts are discharged in a Chapter 7 bankruptcy. These debts are typical consumer type debts. There are certain exceptions to discharge which are set forth by statute. These include but are not limited to certain taxes, child support obligations, intentional torts, fraudulent... Read more »

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2 Answers | Asked in Bankruptcy for Illinois on
Q: If I apply for a CH 7, but the court says I'd lose my house, can I quit the Ch7 and do a Ch13?

Or wd I be locked into a Ch 7 once applied for this route? Bigger question: once I file for Ch7, can I quit any time or am I obliged to continue w/ it?

ANother question implied here: If I apply for a ch 7 and find I 'd lose the house in a sale, can I negotiate with the ch 7 trustee to give... Read more »

John L. GreenLeaf Jr.
John L. GreenLeaf Jr. answered on Apr 17, 2017

You generally may convert to a chapter 13 while in a chapter 7. There are time limits and other limitations which should be discussed with a competent bankruptcy lawyer to answer that question in your specific factual circumstances.

Once you file a chapter 7 you may not dismiss. There are...
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