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Chicago Bankruptcy Law Blog

Beat the Means Test

The law imposes what is called a Means Test for individuals filing Bankruptcy. While the intent of the law is to deter, prevent or delay the filing of a bankruptcy, that is where we come in to defeat the test so good people can file a Chapter 7 or at least a low cost Chapter 13.

Everyone has to take the Means Test. For most it is only a simple exercise but for some it presents a challenge. Fortunately experienced and skilled lawyers know and understand the test. The lawyers at Robert J Adams & Associates know how to defeat or at least minimize the effects of the test for those whose income is higher than set forth below. 

The short and long-term benefits of bankruptcy

There are many uncertainties in life. Even when things seem to be going well, it doesn't take much for it all to change, particularly where finances are concerned. The inability to pay bills could lead to a great sense of anxiety and make it difficult to face each day. Though it may not seem like it, you do have options available to address the issue. Depending on your circumstances bankruptcy may be a route to relief not only in the long term, but the short term as well.

Home Equity Loans (2nd Mortgages)

Between 2005 and 2008, the banking industry offered Home Equity Lines of Credit (HELOC loans) to thousands of homeowners. If you have one coming due, you may have a major problem on your hands.

The HELOC loans generally only charge monthly interest payments for a certain period of years. When the loan expires, the homeowners owe the full balance. This is also called a balloon payment.

Because many of these loans were for a 10-year period, they are coming due now. Most homeowners are shocked when they get a bill for the full mortgage balance.

DIVORCE AND BANKRUPTCY

About half of all marriages end in Divorce. The question is whether the couple should file a joint bankruptcy before or during the Divorce proceeding. There is no doubt that emotions run high and parties frequently have animosity towards each other. But if the couple can put aside their differences, bankruptcy can make things less painful. 

HOME FORECLOSURE IN ILLINOIS

When you can't pay your mortgage on time, you start to panic. How much time do I have to get caught up? What happens when a foreclosure is filed? How soon can they sell my house, and what can I do to stop it? What follows below is a description of the process and answer to these questions.

Personal Injury Claims and Bankruptcy in Illinois

What happens when I have a Personal Injury claim and I need to file a Bankruptcy? Can I protect a potential settlement or judgment?The answer is "Yes" you can file bankruptcy, protect your claim, and even keep your current lawyer.

The problem most frequently arises when a person is hurt in an automobile accident and has hired a lawyer to pursue the claim. At the same time there are a lot of debts and financial relief is needed.

How Do You Choose A Bankruptcy Lawyer- 5 Essential Things to Consider

Thinking about filing bankruptcy? How do you find a law firm that is right for you? Do you call up the one with the flashiest TV or radio ads, or the one showing up first on a Google search? The following are 5 pointers to consider. Looking for a lawyer is a lot like shopping for clothes: it must fit your personal needs not just what is being sold. 

HOW DO YOU CHOOSE A BANKRUPTCY LAWYER - 5 ESSENTIALS TO CONSIDER

Thinking about filing bankruptcy? How do you find a law firm that is right for you? Do you call up the one with the flashiest TV or radio ads, or the one showing up first on a Google search? The following are 5 pointers to consider. Looking for a lawyer is a lot like shopping for clothes: it must fit your personal needs not just what is being sold.

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