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John L. GreenLeaf Jr.

John L. GreenLeaf Jr.

Private Practice
  • Bankruptcy, Business Law, Estate Planning...
  • Illinois
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Summary

John L. GreenLeaf, Jr. has been in practice over 37 years representing consumers and businesses in Central Illinois. The firm concentrates in all forms of Bankruptcy, Business formation, and the preparation of Wills, Trusts and Estate Planning and administration of Probate Estates and Guardianships.

Practice Areas
  • Bankruptcy
  • Business Law
  • Estate Planning
  • Probate
Fees
  • Free Consultation
  • Credit Cards Accepted
Jurisdictions Admitted to Practice
Illinois
7th Circuit
U.S. Supreme Court
Languages
  • English: Spoken, Written
Professional Experience
Private Practice
- Current
Staff Attorney
Chapter 13 Trustee
-
Private Practice
-
Education
The John Marshall Law School
J.D. | Law
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University of Illinois - Urbana-Champaign
B.S. | Agriculture Pre-Law
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Professional Associations
Illinois State Bar
Member
Current
Decatur Bar Association
Member
Current
Websites & Blogs
Website
Website
Legal Answers
3 Questions Answered

Q. How do I know if I should create an LLC for my company? What are the downsides?
A: 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 losses; losses or income will be attributed to owners on their personal taxes at the end of the year potentially; there are other tax advantages which should be discussed with your accountant/cpa. Some of the downsides are: the initial expense of set up and continued expenses annually of fees due the state, which charges can be expensive; some states have franchise or capital values tax on LLC's; investors may want to invest in a corporation, making it harder to raise capital investments; unless you are a single owner LLC, ownership of the business is spread across it members; as a member of an LLC, you are not allowed to pay yourself wages. The question of the form of business should be discussed personally with an experienced attorney so that the facts of your situation will control the type of business - LLC, S Corp, C Corp, Sole proprietor.
Q. I always hear bankruptcy referred to as a 'clean slate'. Does it really get rid of every debt I owe?
A: 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 matters, most student loans, etc. So in answer to your question Bankruptcy does not get rid of every debt you owe if you owe certain kinds of debt as set forth by statute.
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?
A: 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 exceptions to this, but you can't just change your mind and dismiss the 7. You can always negotiate with the chapter 7 trustee. However, you will need a " rich aunt matilda" to finance these things, and most people do not. All of these issues should be discussed in detail with a good and competent bankruptcy attorney.
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Contact & Map
GreenLeaf Law Office, Ltd.
2456 North Main Street
Corner of Melrose and North Main
Decatur, IL 62526
USA
Telephone: (217) 422-2771
Fax: (217) 330-7975