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

Blogs


Beep! Beep! Parking Tickets And Chapter 7
January 10, 2019

Can you get rid of parking tickets in Chapter 7? Yes, if more than 3 years old This applies to red light tickets, too. License suspended for parking tickets and/or red light tickets: RESTORED Extra charges on tickets less than 3 years will be waived: pay only principal The city will work out a repayment plan for tickets less than 3 years old. You must complete the repayment program for tickets less than 3 years. Then the city will waive all fines, penalties, including boot and impound fees. Chapter 13 still available if it works out best for you. Can… Read More

Automobile Repossessions – How To Get Your Back
December 17, 2018

You wake up in the morning to get into your car and it is gone. You call the police only to find out it was repossessed. What do you do? Assuming you don’t have all the money to get your car back and you want and need your car. In such a scenario, hiring an experienced Chapter 13 bankruptcy attorney Chicago, IL is one easy solution, who can help you in filing a Chapter 13 bankruptcy to reschedule your debt payment, so that you can save your asset. WHAT CHAPTER 13 BANKRUPTCY ATTORNEY CHICAGO, IL CAN DO FOR YOU? An… Read More

Statute Of Limitation For Debts (Illinois)
November 12, 2018

(contracts, medical bills, repossession, credit cards, purchases, etc.) Creditors can pursue individuals for a limited period of time. This article sets out some of the more common time limits: In general, written contracts (see footnote)1: 10 years Oral contracts: 5 years Sale of goods (automobiles, furniture, natural gas): 4 years Store Credit: 4 years Credit cards in Illinois: 5 years Bad check penalties: 2 years Checks other than bad debt penalties: 3 years Money judgments: 7 years but can be revived up to a total of 27 years. Parking tickets and red light tickets: does not seem to have any… Read More

How Long After Bankruptcy Can I Buy A Home?
November 5, 2018

Many people avoid bankruptcy on the belief they can never get a mortgage. That is not true. Actually, the opposite may be true for many good folks. If you have too many debts or have a low credit score obtaining a mortgage is too difficult. To get a mortgage you have to resolve your debt problems. Bankruptcy may be the answer, and for that you need the help of a seasoned Bankruptcy Attorneys in Illinois, who can guide you and assist you in this whole process. If you file a bankruptcy there will be a waiting period. The time can’t… Read More

Beat The Means Test
November 1, 2018

Bankruptcy laws say you have to do a Means Test. You are to list the gross income in family for the past six (6) months. The total is compared to the Illinois State Standards. If your gross family income is above a certain amount they want you to file a Chapter 13 instead of a Chapter 7. Most people have income below the Means Test. Everyone has to take the Means Test. For most it is only a simple exercise but for some it presents a challenge. Even if your gross income is above the income listed below there are… Read More

Will Bankruptcy Ruin My Credit Forever?
September 24, 2018

The following is a sample of emails or telephone calls that I frequently get. Dear Mr. Adams: I have a lot of bills and can’t get ahead. But, I am afraid if I file Chapter 7 bankruptcy my credit will be ruined for forever. Signed (name withheld for privacy) Dear ABC, Legend has it that filing bankruptcy means your credit is ruined FOREVER. My experience shepherding thousands of people through bankruptcy says the opposite. Fact: your credit starts improving when a person files Chapter 7. Yes, it sounds crazy, so let me explain WHY: When considering bankruptcy, for most people:… Read More

Dealing With IRS Debt That Can’t Be Discharge In Chapter 7
September 17, 2018

Surprising Benefits Of Chapter 13 Personal income tax debts that are older than 3 years may be discharged. For a fuller discussion see: Can I Discharge IRS Taxes In Bankruptcy? After Chapter 7 discharge there are 2 types of tax that remain: Non-Discharged taxes; and, Tax Liens. The tax liability may have been discharged but the lien remains. What To Do? A Taxpayer may be able to deal with the IRS outside of bankruptcy. Bear in mind that interest and penalties will continue. The IRS may levy wages and/or bank accounts. The second method is to file Chapter 13: Buys Time… Read More

Wage Garnishments – The Law In Illinois
July 31, 2018

This article discusses Wage Garnishments in detail. We have a separate posting on How To Stop Wage Garnishments. Go to: Stop Wage Garnishments Creditors have to first get a judgment before they can garnishment your wages. It comes with little or no notice. Often people don’t know they have been sued. A Wage Garnishment is a demand that your employer pay them 15% of your gross income: not net income. For example, gross income is $600 per week the deduction is $90. What Are Your Options? In Illinois, lawmakers have left you with few choices when you get a brick… Read More

Can I Discharge IRS Taxes In Bankruptcy?
July 27, 2018

IRS debts can be discharged in a Chapter 7. Eliminating Tax Debt in Bankruptcy 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. The tax debt is at least 3 years old. Generally, the due date is April 15th. If April 15th falls on a Saturday… Read More

Title Loans – A Good Way To Lose Your Car
July 23, 2018

You have a clear title to your car, truck or motorcycle and you need money. Title Loan companies will gladly lend you money for a short term loan. But, there is a catch and a big one. The interest rate is high: anywhere from over 100% to 300%. The loan amount can anywhere from 25% to 50% of the value of your vehicle. The average is about 25%. You give them an extra copy of your key: at your expense. The average cost for a short term loan is runs $80 to $115 for every $500 you borrow. What if… Read More