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Bankruptcy Archives

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.

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 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.

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.

Rebuilding My Credit After Bankruptcy Part 2

  1. Upon filing a Chapter 7 your debt-to-income ratio drops dramatically.
  2. Create a realistic budget so you can pay all bills on time.
  3. Get your credit reports again. This time you may have to pay a small fee. You want to sure all your debts are marked "discharged." Also, check your credit score again.
  4. Get a secured credit card and pay the balance in full each month. Paying off your balances will boost your credit score.
  5. Get an auto loan but be wary. There are unscrupulous used car dealer who will sell car much over value at high interest rates. Buy a modest car with payments you can easily afford. For value there are internet sites that can give you estimated values of car. Some well-known sites include kbb.com and www.nadaguides.com and www.cars.com.
  6. Whether you reaffirm an existing car loan or get a new car loan-pay on time-never be late.
  7. It is best to have 2 credit cards. Even if they are secured credit cards.
  8. If you are declined credit from a company based on a new credit report you are legally entitle to get a free copy of that report. Look for errors and bad marks.
  9. Once a year get your free credit reports and review them. If there are errors (and there often are) you have the right correct them.
  10. Be prepared to walk away from a bad deal. High interest can prevent you from getting back on track.
  11. Avoid credit repair agencies, they're often rip-offs and don't do anything you can't already do yourself.
  12. Never use a Pay Day or a Car Title Loan. They are endless money pits.
  13. Only get a store credit card if you shop there and pay the balance as fast as possible. Too many credit applications can hurt your credit score.
  14. Avoid getting cash advances on a credit card. It looks suspicious to the credit agencies.

Robert J Adams & Associates has helped thousands of good people, just like you, save their home. Take advantage of our free and confidential consultation today.

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