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


Bankruptcy Can Improve Your Health And Maybe Save Your Life
March 16, 2017

Those facing serious financial pressures don’t often understand the unhealthy consequences of their situation. Heavy debt load causes stress and depression which is a leading cause of stroke and heart attacks. Clients have told me that they had a fear of answering the phone or even opening mail. A heavy debt load causes undesirable choices: pay the rent or mortgage or pay the car note or skip needed medicine. Then there is the fear of Wage or Bank Garnishments that cause instant chaos. Heavy debt loads also cause problems in other areas of life. The pressure can hurt job performance,… Read More

Same Sex Marriage And Bankruptcy
March 14, 2017

Same gender couples now have the same rights, privileges and responsibilities as all other married couples in the Bankruptcy courts. Illinois fortunately allows same sex or same gender marriage. WHAT DOES THIS MEAN? Legally married same gender couples can file a joint Chapter 7 or Chapter 13 case. If you are legally married but live in a state that does not allow or recognize same sex marriage, you can still file a joint case. For example, the individuals are married in Illinois but now live in Alabama-the couple can file a joint bankruptcy case. ­ Other than what is mentioned… Read More

Rebuilding My Credit After Bankruptcy. Part 2

Upon filing a Chapter 7 your debt-to-income ratio drops dramatically. Try to keep it low. Create a realistic budget so you can pay all bills on time. Get your credit reports again. This time you may have to pay a small fee. You want to be sure all your debts are marked “discharged.” Also, check your credit score again. Get a secured credit card and pay the balance in full each month. Paying off your balances will boost your credit score. Get an auto loan but be wary. There are unscrupulous used car dealers who will sell cars much over… Read More

Real Estate Tax Sales In Illinois And How To Save Your Home

When property owners including homeowners do not pay real estate taxes the County can “sell” the taxes to a “tax buyer.” I don’t want to lose my home. What can I do? Here’s how it works: If the taxes are delinquent for more than one (1) year the county sells the taxes. A tax buyer pays the county the amount of the delinquent taxes. The property owner is given a period to redeem. The time period to redeem is 2 ½ years for homeowners but only 2 years for other property owners. The property owners receive a certificate that gives… Read More

2017 Planning – Taxes and Home Equity Loans
February 21, 2017

The new year can bring problems, both known and unknown. You may have just found out you have an income tax problem. Or maybe you knew you had a property tax or home equity loan problem to deal with. You may find you don’t have the money to pay what is coming due. We have some instructions that might help you. Do you owe Income Taxes for this year or past years? Federal income tax returns are due by April 18, 2017. After that date certain old income taxes can be discharged. Income taxes due for the years 2013 and… Read More

Beat The Means Test
February 10, 2017

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

Discharging Personal Income Taxes In Bankruptcy

Contrary to popular belief Personal Income Taxes frequently can be discharged in Bankruptcy, including Chapter 7 and Chapter 13. I owe the IRS thousands of dollars. How can I avoid paying them? There are certain qualifications, as itemized below: You have to file your income tax returns. 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 filing must be an honest filing. Fraudulent tax returns do not create dischargeable taxes. Neither does a willful attempt to… Read More

Bankruptcy as a Learning Experience
January 14, 2017

The idea of filing for bankruptcy is difficult for many people to swallow. Among other things the shame of letting themselves get into the financial hardship, can keep people from taking that action. While the process can be difficult to commence, the reality is there are times when it is necessary to simply regroup and start over. Why File? If you are experiencing financial hardship, you may find that the stress of dealing with your situation makes each day a little harder to get through. When you file for bankruptcy under Chapter 7 qualifying debt will be discharged and you… Read More

The Short And Long-Term Benefits Of Bankruptcy
October 14, 2016

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. The long-term effect of bankruptcy Bankruptcy is a process made available by… Read More

Home Equity Loans (2nd Mortgages)
October 7, 2016

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. Starting in 2008 and 2009,… Read More