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


Beat The Means Test
October 26, 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

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.

Can I File A Chapter 13 By Myself?
August 18, 2017

The American legal system allows individuals to file cases on their own. These are call Pro Se filing: a fancy term meaning “for oneself” or “on one’s own behalf.” Thus you can sue your bank for a perceived wrong or even your neighbor. The simple answer is “Yes” you can file a Chapter 13 own your own without a lawyer. Sometimes it is called “Do-It-Yourself” Chapter 13. There are really 2 types of people who wish to file a Chapter 13 by themselves. First there are those who wish to create a delay for whatever reason. Second, there are honest… Read More

Borrowing Money When You Have A Pending Personal Injury Case And Other Pending Settlements
August 4, 2017

When a person has a pending Personal Injury case they frequently incur a tremendous amount of debt. There are companies that will lend you money and get repaid out of the eventual settlement. So you can take loans on pending personal injury cases in Illinois. Sounds good! But, wait-read the fine print and interest rates. The interest rates are typically 27% to 60% and are often compounded monthly. On a $25,000 loan it can cost you, maybe, $12,000 to $15,000 in just one year. After two years the amount to pay back can exceed $30,000. Insurance companies delay, delay paying… Read More

Know Your Debt Collection Rights
July 24, 2017

Did you know that more than 70 million people were contacted by a debt collector between 2014 and 2015? (Consumer Experiences in Debt Collection Survey, 2017) Receiving a call from a debt collector can be stressful. Your first instinct may be to hide or ignore the situation and hope it goes away. But that can make things worse. Find out the three steps you can take to help respond to a debt collector. First, know your rights There are laws that restrict what debt collection can say or do. The Fair Debt Collection Practices Act (FDCPA) prohibits debt collection companies from using abusive,… Read More

Automobile Accidents And Other Personal Injury Claims And Bankruptcy
July 20, 2017

Individuals often have good Personal Injury claims; most arising out of Automobile accidents. Even when liability is clear and actual damages are proven Insurance delay and delay. Insurance companies have 2 reasons. First, they can use the money they will eventually payout for as long as possible. Second, they hope to wear out the Plaintiff who might well accept a lower settlement. In Cook County, the average minimum time to settle a good case with the Defendant having a good insurance company is 3 to 4 years. If a law suit has to be filed the time before an actual… Read More

Reorganizing The Individually Owned Business
April 12, 2017

Businesses owned solely in an individual’s name or owned by a married couple might well look to reorganize through a Chapter 13 bankruptcy. There may be a time when the business is being crushed by debt but could go forward profitably if debts were prioritized and in many cases substantially reduced. Chapter 13 is only available when the business is owned individually (or by a married couple) with secured debts of less than $1,184,200 and unsecured debts of under $394.725. Corporations and Partnerships are not eligible to file a Chapter 13. Businesses who file a Chapter 13 have tremendous advantages… Read More