John L. GreenLeaf Jr.

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.

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Illinois

Since 1978

7th Circuit

Since 1983

U.S. Supreme Court

Since 1978

Private Practice

2008 - Current

Staff Attorney

Chapter 13 Trustee

2008 - 2008

Private Practice

1978 - 2008

The John Marshall Law School

J.D. | Law

1975 - 1978

University of Illinois - Urbana-Champaign

B.S. | Agriculture Pre-Law

1971 - 1975

Illinois State Bar

Member

Current

Decatur Bar Association

Member

Current

Q. How do I know if I should create an LLC for my company? What are the downsides?

August 3, 2017

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. ... Read More

Q. I always hear bankruptcy referred to as a 'clean slate'. Does it really get rid of every debt I owe?

May 16, 2017

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?

April 17, 2017

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.