Blogs - Robert J. Adams & Associates
Robert J. Adams & Associates

Blogs


Beat The Means Test
April 19, 2018

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… Read More

CAN I DISCHARGE TAXES IN BANKRUPTCY?
March 1, 2018

IRS debts can often be discharged in a Chapter 7. IRS debts in a Chapter 13 can often be paid a dividend of less than 100% The following set out the rules to discharge an IRS debt in Bankruptcy: You filed the Income tax return. At times the IRS files substitute returns when an individual has failed to file. Another name for this is Service Filed Returns. The amounts due on IRS filed returns are not dischargeable. The tax is for income-an income tax. You cannot discharge payroll taxes or if fraud is involved. The tax debt is at least… Read More

File Bankruptcy And Rebuild Your Credit
February 20, 2018

There are times when filing Bankruptcy is obvious such as when there is a traumatic event: Wage Garnishment; repossession, law suits, foreclosure, license suspension for parking tickets. For many others there are struggles and doubts. Should I file? Or, should I hold on? Filing for Bankruptcy is an individual decision. All a good lawyer can do is to show you the options. Some of the deterrents to filing Bankruptcy and getting financial freedom are doubts about the future. Will I ever be able to get credit again? What about my credit score? First, by yourself or with the aid a… Read More

Stop Wage Garnishments
February 6, 2018

In Illinois creditors can get up to 15% of one’s gross wages-not net wages. If those wages are $500 per week gross; net $450: they take $75. The filing of a Chapter 7 or a Chapter 13 bankruptcy can stop wage garnishments. Most lawyers practicing in Consumer Bankruptcy can file a Chapter 7 or Chapter 13 rapidly: generally the same day. The lawyers at ROBERT J. ADAMS & ASSOCIATES do this regularly. To start a Chapter 7 or Chapter 13 the down payment is generally very small and, in some instances, with NO MONEY DOWN. For a more detailed explanation on how Wage Garnishment can affect, Click… Read More

Save Your Home; Stop Foreclosure
February 1, 2018

Mortgage companies in Illinois will proceed with a foreclosure at some point when a homeowner falls behind on payments. Probably the most effective way of stopping or preventing a foreclosure is filing Chapter 13. The basic requirements are Being able to resume regular monthly mortgage payment; Being able to repayment the arrearages and the mortgage company’s cost over a period of up to 5 years; and, Having a sufficient amount of income to meet your other living expenses. Robert J. Adams and Associates stands ready to help and when necessary can file a case with the court even the same… Read More

Save Your Car; Stop A Repo Or Get Your Care Back
January 29, 2018

Car Financing companies have extraordinary rights; namely, they can repossess your car if you fall behind. Cars can be “booted” and towed to lots of parking tickets. You need your car to go work or to just get around. By filing a Chapter 13 bankruptcy you can prevent repossession or get your car back if repossessed by a car financing company. Robert J. Adams and Associates stands ready to help and when necessary can file a case with the court even the same day. Open Saturday mornings. Walk-Ins welcome. READ OUR REVIEWS! Robert J. Adams & Associates 540 W. 35th Street, Chicago, IL… Read More

How Does A Chapter 7 Bankruptcy Compare To A Chapter 13?
September 13, 2017

When you have a great deal of debt that cannot be managed the best solution is to file a Chapter 7 bankruptcy. There are, however, situations where filing a Chapter 7 is not possible or is not in a person’s best interest: filing a Chapter 13 is the best path for you. This article is only a guide and not legal advice. When the reader wants to know and understand their options they should always consult with a law firm that is experienced in bankruptcy law. We, of course, hope you give us a call. Our consultations are always free… Read More

Condominiums In Illinois
September 13, 2017

A condominium (condo) is a type of real estate divided into several units. Each unit is separately owned. The common areas are jointly owned by condominium owners. Condominiums Associations (Condos) include multi-unit apartments and townhouse and some single family houses. There are also office and store condos. While co-ops are a bit different the following generally apply. Condominium Associations have liens on the individual properties. Generally the liens are subordinate to mortgages and any other recorded liens. Condos are generally governed by Homeowners Association (HOA). Larger condo most frequently employs a management company. Condominiums in Illinois are governed by the… Read More

Is Filing Bankruptcy Right For Me?
September 7, 2017

The decision to file a Bankruptcy or to consider it is a business decision. Corporations don’t fret about it. They look at the facts of their business. If it works best for them they don’t hesitate. Payless Shoes recently filed a Bankruptcy and within a short time they immerged as a strong solvent company. United Airlines and Delta Airlines filed bankruptcies. They are now strong and solvent companies making millions of dollars each year. General Motors filed Bankruptcy. Not only did it save the American Automobile Manufactory Industry it is the 2nd largest automaker in the world. Individuals and Small… Read More

Bankruptcy Attorney Robert Adams Publishes Two Books Within His Practice Area
August 28, 2017

Bankruptcy Attorney Robert Adams of Robert J. Adams & Associates has announced with pride that he has released two new pieces of literature this year within the bankruptcy realm. The first book is titled “A General Guide to Bankruptcy Laws” and was released in June of 2017. The second title is called “Saving Your Home and Other Real Estate in Illinois,” and was published just a few weeks ago in August 2017. Learn more about both the books by reading the official press release.