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

Blogs


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

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

Creditors have to first get a judgment before they can garnishment your wages in Illinois. It comes with little or no notice. Often people don’t know they have been sued until they seek the assistance of a Chicago wage garnishment attorney. 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 on your check. If you are facing a wage garnishment… 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

Payday Loans – A Short Term Fix: Long Term Nightmare
July 23, 2018

Payday loans in Illinois have interest rates up to 400%. Unbelievable but true. You need $500 for something real fast. Many Pay Day Loan companies have you give them a post-date check. You pay it in a week or so it’s OK. But when you can’t then nightmare begins. Repaying a $500 loan over a year that will be $172.12 per month. You pay a total of $2,065.44. If you can’t pay at all the calculation after one year is incredible. What Are The Traps, What Are The Good Options, And, Busting The Myths And Lies About Pay Day Loan?… Read More

Common Myths And Lies About Consumer Bankruptcy
July 9, 2018

Man good folks who are deep in debt avoid or defer filing for Bankruptcy. Why? They hear and read lot of misinformation and lies. Special interest groups such as banks fight against filing Bankruptcy. Why? If they can prevent you from filing bankruptcy or delay it they will able to squeeze more money out of you. Bankruptcy is a serious matter. The best way to find out what is best for you: talk to a lawyer. Consumer Bankruptcy lawyers generally offer Complimentary and confidential advice. I know that our firm, ROBERT J. ADAMS & ASSOCIATES does. We do this every… Read More

Who Must Take The Means Test Prior To Filing A Bankruptcy?
July 6, 2018

All individuals have to take a means test before filing a bankruptcy, and if their income, depending on the number of individuals in the family, exceeds a certain amount, the presumption is they cannot file a chapter 7. However, there are multiple deductions that can be taken from the gross income to show that the individual qualifies for a chapter 7, rather than doing a chapter 13. What Are Some Of Those Most Common Deductions? The most common deductions are secured debts, like mortgage arrears, real estate taxes, car loans, child support, child care, income taxes, health insurance, and life… Read More

How Do Parking Tickets And Arrests Contribute To Debt Situations?
July 6, 2018

The city of Chicago is aggressively looking for infractions on parking meters and red light cameras. When people cannot pay immediately, these fees and fines are doubled. People then cannot possibly catch up. Parking tickets and red light tickets are not dischargeable in a chapter 7 bankruptcy, but are dischargeable in chapter 13. We frequently do chapter 13 cases for as little as $100 per month. Can Filing For Bankruptcy Help Me Discharge Or Repay Fines? Filing a chapter 13 bankruptcy can help you repay fines. Generally, we use a very low dividend, such as ten percent. So, if you… Read More