David Leibowitz’s Answers

David Leibowitz

Chicago Bankruptcy Attorney.

Contributor Level 12
  1. Bankruptcy and 1099-C. Can banks still issue 1099-C after filing for Bankruptcy?

    Answered almost 2 years ago.

    1. Michael J Corbin
    2. Dorothy G Bunce
    3. David Leibowitz
    4. Gregory Howard Wiley
    5. Christopher Michael Larson
    5 lawyer answers

    If you are insolvent, you may not need to file a bankruptcy owing to tax implications. You frequently can avoid forgiveness of debt income if you are insolvent by filing appropriate tax forms. Of course, bankruptcy results in no "FOD" income at all.

    7 lawyers agreed with this answer

  2. Debt

    Answered over 6 years ago.

    1. Benjamin Ryan Picker
    2. Shelly Crocker
    3. Elizabeth Rankin Powell
    4. John Stocks
    5. David Leibowitz
    6. ···
    8 lawyer answers

    You can't be jailed for not paying a debt. But you could be put in jail, at least in Illinois, if you fail to respond to a citation to discover assets after judgment. In that case, you could be held in contempt of court and put in jail until you post bond or otherwise purge yourself of the contempt.

    2 lawyers agreed with this answer

    7 people marked this answer as helpful

  3. Are small business assets exempt under personal chapter 7 bankruptcy petition in CA state

    Answered about 6 years ago.

    1. David Leibowitz
    2. Mazyar Malek Hedayat
    3. Lesley Abigail Hoenig
    3 lawyer answers

    Theoretically, a bankruptcy trustee could close your business and try to sell it. Your tools are at risk unless they can be claimed as exempt,. There are rather generous exemptions in California. You'd have to work out a deal with your landlord for renting your place of busienss. If your business has no value without you, I can't imagine a trustee liquidating it. Be sure to protect your business assets with exemptions to the fullest extent possible.

    3 lawyers agreed with this answer

    4 people marked this answer as helpful

  4. What does it mean when a lawyer puts in a Request for a Substitute of Judge? And why would he/she make this request?

    Answered almost 4 years ago.

    1. David Leibowitz
    2. Brett D Weiss
    2 lawyer answers

    In Wisconsin, a party may request a substitution for a judge. Here's the statutes; =================================== 801.58 801.58 Substitution of judge. 801.58(1) (1) Any party to a civil action or proceeding may file a written request, signed personally or by his or her attorney, with the clerk of courts for a substitution of a new judge for the judge assigned to the case. The written request shall be filed preceding the hearing of any preliminary contested matters and, if by the...

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  5. Need to amend schedule B and C in Chapter 7 in Illinois and possible pending medical malpractice suit

    Answered about 1 year ago.

    1. David Leibowitz
    2. Travis Alan Van Winkle
    3. Ray Choudhry
    4. Gary D. Bollinger
    4 lawyer answers

    It is extremely important to list any potential claim, even if you don't know what it's worth. Yes, use whatever exemptions to which you are entitled. If you don't know the amount, that's OK. But if you fail to list the claim, the defense may argue that you are legally prevented ("estopped") from raising the claim subsequent to your bankruptcy. If the claim turns out to be significant, you may end up recovering even more than you owe to your creditors in bankruptcy. So do make this amendment...

    2 lawyers agreed with this answer

    1 person marked this answer as helpful

  6. I am in an active Chapter 13 bankruptcy, my house included in plan, lender lifted stay,B of A bought note can they foreclose?

    Answered almost 2 years ago.

    1. Dheeraj Kumar Singhal
    2. William James Waters
    3. Jonathan David Leventhal
    4. Michael Raymond Daymude
    5. Sanjay Sobti
    6. ···
    8 lawyer answers

    Once the stay is lifted, a lender or its successor can foreclose. You didn't say why the stay was lifted. You can defend in state court...but that is doubtful in California, a non judicial foreclosure state.

    4 lawyers agreed with this answer

  7. LLC limited liability company protection a LLC member's prior bankruptcy filing liability to LLC

    Answered about 6 years ago.

    1. David Leibowitz
    1 lawyer answer

    If a member of a LLC files a bankruptcy, it is usually an event of "dissociation" within the meaning of most states limited liablity company acts. This is good for the limited liability company because the trustee of the filing member won't become a member of the LLC. He may have a claim against economic benefits which accrue from the limited liability company. The member is no longer a member and the trustee succeeds to economic benefits but not membership. The LLC may well want to acquire...

    1 lawyer agreed with this answer

    6 people marked this answer as helpful

  8. Illinois Mechanics Lien: Can an authorized agent (not Attorney) file a Mechanic's Lien on behalf of a Claimant?

    Answered over 3 years ago.

    1. David Leibowitz
    2. Theodore Lyons Araujo
    2 lawyer answers

    You can file legally a mechanic's lien as an authorized agent for a claimaint. You cannot file a complaint to enforce a mechanic's lien unless you are an attorney. A mechanic's lien in Illinois is highly technical. Perfect compliance is necessary. So even though you are not an attorney, you are held to the standards of the law in doing so. Accordingly, I would be very sure that I understood all aspects of Illinois mechanics' lien law before acting as agent for anyone.

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  9. Credit card debt

    Answered over 1 year ago.

    1. Michael James Wang
    2. Amy Lavonne Wells
    3. David Leibowitz
    4. Dorothy G Bunce
    4 lawyer answers

    You asked several questions. But the most important one is the statute of limitations for credit cards. There is contention about this. But it could be as little as 4 years or 5 years. Credit card companies assert 10 years but the courts typically won't accept that. Negative credit reporting information may stay on your credit report for 7 years and an additional 180 days in the case of a charge-off.

    2 lawyers agreed with this answer

  10. Do I need a real estate atty for notice of foreclosure on my deceased parents' house? Also, house on Tax Sale List.

    Answered almost 2 years ago.

    1. Emma Lee Scott
    2. Alan James Brinkmeier
    3. David Leibowitz
    4. Sanjay Sobti
    4 lawyer answers

    You need legal advice immediately. You and your son don't face arrest but your son does face eviction. Bur not Immediately. you will have time to redeem from the tax sale. You don't state what the house is worth or whether there are other liens on the house other than the mortgage. How much us the mortgage compared to the value of the house? Tout son need not move immediately or any time soon. Nevertheless you do need to answer the foreclosure complaint. It doesn't seem like you or your...

    2 lawyers agreed with this answer

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