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

Blogs


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

Rebuilding My Credit After Bankruptcy. Part 2
March 14, 2017

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
March 14, 2017

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

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 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 will… 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

Personal Injury Claims and Bankruptcy in Illinois
February 19, 2016

What happens when I have a Personal Injury claim and I need to file a Bankruptcy? Can I protect a potential settlement or judgment?The answer is “Yes” you can file bankruptcy, protect your claim, and even keep your current lawyer. The problem most frequently arises when a person is hurt in an automobile accident and has hired a lawyer to pursue the claim. At the same time there are a lot of debts and financial relief is needed. The first thing is to list the claim whether a law suit has been filed or if your lawyer is negotiating a… Read More

Tax Reminder As 2015 Comes To An End
December 9, 2015

If you or anyone you know is contemplating bankruptcy, December 31st is an important date. If your bankruptcy case is filed before the year ends, you can keep your income tax refund. Once the year is over, however, the IRS or the student loan collector are allowed to take the refund to apply it to the various governmental debts. Refunds are often thousands of dollars that could be taken if you don’t act before 2015 comes to an end. April 15, 2016 is another important date. Once that day passes, taxes owed for 2012 become dischargeable in bankruptcy cases. The… Read More