Blogs

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

The issue of bankruptcy is a serious one, one that needs to be considered from all angles. Many people facing bankruptcy don’t know what to expect, and most everyone feels anxiety about the process and its impact on their lives. But bankruptcy can be a great solution for some, when financial stress has become overwhelming. At Robert J. Adams & Associates, your Chapter 7 bankruptcy attorney in Chicago, we take great pride in helping individuals through some of their most difficult times, and our commitment to clients is unparalleled. We will be with you every step of the way, no… Read More

The current filing fee is $335.00 What If I Don’t Have Entire The $335 Or Any Of It? The filing fee can be paid in installments, up to 4 months. What Is The Filing Fee? It is the amount the Courts has determined what is necessary to administer Chapter 7 cases. In my opinion it is too much. Does This Include The Lawyer’s Fees? The answer is “No.” Are Lawyer’s Fees Paid Before The Case Is Filed? Generally all or a large part of the lawyer’s fee is paid after the Chapter 7 case has been filed. How Much Are… Read More

Each of these is a common question I am asked. First, spouses may join in Chapter 7. It is called a joint case. Second, spouses are not required to join in Chapter 7. Should Spouses Join Together In Chapter 7? It is a good idea if each spouse has a lot of debts, especially joint debts. Discuss your situation with a qualified Chicago bankruptcy attorney for customized advice. What If We Are Married And Living Together But Only One Of Us Files? If there are any joint debts your Chapter 7 will not discharge your spouse’s obligation. Do I have… Read More

Often times a person who files Chapter 7 has a home mortgage. Sometimes a first and second mortgage. The client is current on the monthly mortgage. They ask: “Should I reaffirm my mortgage”? Lawyers who represent Chapter 7 individuals say “No”. This includes my firm, Robert J. Adams & Associates. In the final analysis the choice is always yours. This is why every one of my Chapter 7 clients with a mortgage gets the following letter. If you are a homeowner considering filing Chapter 7, I hope this helps you. Dear Mr., Ms. or Mr. and Mrs._____________, You are receiving… Read More

Bankruptcy can disrupt your life. It can bring about changes that you never planned on. And for many people who live outside major cities with excellent public transportation options, a car is their connection to food and work. Giving up your car in a bankruptcy can be a difficult decision, but you do have choices. As a top bankruptcy and Chapter 7 attorney firm, Robert J. Adams & Associates has been down this road many times with clients and we will advise you about all your choices, to ensure that your Chapter 7 goes smoothly and causes you the least… Read More

Bankruptcy, it’s a word that most people find repugnant, but should it be so maligned? The fact of the matter is—bankruptcy provides significant relief to many Americans annually. If you’re drowning in debt and see no way out, bankruptcy may be the only way for you to start over with a clean slate. Many Americans face hardships, from medical conditions to severe accidents, business failures, and more; there are many ways that debt can pile upon you, sometimes quickly. In most cases, you can find relief through a Chapter 7 or Chapter 13 bankruptcy filing. In a Chapter 7 you… Read More

People file Chapter 7 bankruptcy to get a discharge of debts. At the end of the Chapter 7 you don’t owe the money anymore. Of course, not all debts are dischargeable. For instance: A car note for a car you want to keep. Same for a home mortgage; Student Loans; Child support payments; parking tickets and tollways debts; Income tax debts. But, some IRS debts are dischargeable; Co-debtors nor Cosigners receive a discharge in your Chapter 7. Also, creditors can file a complaint to except a debt from discharge. This is rare. A competent lawyer looks for problem areas and… Read More

With large credit card and other unsecured debts, Chapter 7 is the best option. But, sometimes Chapter 7 is not available to you. Or, Chapter 13 is the best option: like saving your car or your house. People ask how much they have to pay their credit card bill in Chapter 13. Chapter 13 plan propose a “dividend” to unsecured creditors. The dividend is the percentage that unsecured creditors will get. A plan with a 10% dividends means the unsecured creditors will get ten cents of the dollar of its filed claim. If the unsecured filed claims are $30,000 the… Read More

There are 3 basic types of claims in Bankruptcy for folks: Secured claims; Priority claims; and General unsecured claims. Secured Claims A secured claim is one where the creditor has a lien on a property in your possession. A secured claim can be by agreement; by law; or by recording a lien. By agreement. The most common types include mortgages, cars, and even furniture. The individual agrees that the creditor has a lien on certain property as well as on the note. By law. This would include real estate taxes. By recording. Creditors who get a money judgement can record… Read More