Blogs - Robert J. Adams & Associates

IMPORTANT NOTICE

COVID-19 has changed the landscape of Bankruptcy Law in Illinois. Robert J. Adams & Associates remains open to assist you through these challenging and confusing times. We are offering Remote Filings to Facilitate Our Clients.

$0 Up-Front (no down payment)* Your case can be filed almost immediately. Coming to the office is your choice. Many cases filed over the phone and/or by video For Immediate debt relief Call now: (312) 724-5650 *We advance the filing fee for qualified wage earners.

Robert J. Adams & Associates

Blogs


The Bankruptcy Option—Your Friend When Debt Becomes Insurmountable
September 30, 2015

Walking down any street in America you’ll likely pass one or several homeless people. Some people might choose to put a few dollars in their cup, while others may simply be at capacity already dealing with their own problems and may forge ahead without considering the homeless person. It’s hard to know what’s going on in anyone’s life when you don’t know them, but one thing we do know is that homelessness is a terrible situation for those who suffer within it. Another thing we know statistically but may be afraid to acknowledge—insurmountable debt can lead to bankruptcy and bankruptcy… Read More

Rebuilding My Credit After Bankruptcy. Part 1
September 2, 2015

If I file bankruptcy can I rebuild my credit? Will I be able to buy a house? Bankruptcy cases show up on your credit report as a bad mark but it often cleans up other bad marks. Also, it reduces your debt to income ratio. So there is good and there is bad. Credit reports and scores are used to determine everything from getting a loan, getting hired, and even to renting an apartment. We recommend that you evaluate your credit. A bankruptcy is a powerful tool to wipe out debts and begin a turnaround for financial freedom. If you… Read More

Can You Eliminate An Underwater 2nd Mortgage In A Chapter 7?
June 16, 2015

Sadly the Supreme Court of the United States in a unanimous decision held that a Chapter 7 Debtor cannot wipe out an underwater second mortgage. The case is Bank of America, N.A. v Caulkett, 575 U.S. _ (2015)(June 1, 2015) An example of an underwater 2nd mortgage would be as follows: (1) Value of property:           $200,000 (2) 1st mortgage balance:     $220,000 (3) 2nd mortgage balance:    $50,000 This case did not change anything in Illinois as only one court in the Northwest part of the US had allowed underwater junior mortgages to be eliminated in a Chapter 7. Consumer and Homeowner… Read More

Who Is Responsible For The Crash Of A Driverless Car?
June 8, 2015

The current trend in technology has made driverless cars a reality. These driverless cars are made with the aim of avoiding car accidents, but as it stands now, there is still a long way to go. Currently, there is a limited testing and deployment of these autonomous cars especially due to numerous accidents they have caused recently, including a fatal crash. Due to these accidents, new liability laws needs to be enacted, but the major challenge is that there is no clear person to carry the blame. In a scenario where a crash is caused by a driverless car, how will… Read More

Health and Financial Benefits of Chapter 13
May 4, 2015

The benefits of successfully completing a Chapter 13 are obvious such as reinstating a home mortgage or saving one’s car and being debt free upon discharge. BUT, there is more.  A recent Harvard University study found: Annual earnings increase $5,000 in the first 10 years after filing; A 3.5% increase in employment over the first 5 years after filing; Close to a 3% increase in self-employment after filing; Reduced dependency on “welfare”; Increased retirement savings contributions; Reduced mortality by 2% probably from reduced stress. The authors believe a successful Chapter 13 yields these positive effects because filers have an increased… Read More

Chapter 7 Or Chapter 13: Which One Is Best For You
April 21, 2015

When you have to file a Bankruptcy, the first question is which one is right for you. The following table lists some of the major differences. But remember, it is best to consult with an experienced law firm that concentrates in Consumer Bankruptcy. Hopefully, you will think of calling Robert J. Adams & Associates. Chapter 7 Chapter 13 Simple Description To get a quick discharge of lots of debts with possible surrender or sale of assets when they are owned outright. A payment plan to pay certain debts in full and a reduced portion of the remaining debts (perhaps 10%).… Read More

Don’t Do This When Considering Filing Bankruptcy
March 18, 2015

When you face serious financial problems filing Bankruptcy may well be a necessary and correct path for you. But caution is always required. By consulting with a law firm that has years of experience with Consumer Bankruptcy you can steer clear of some big pitfalls. These are some of the serious DON’Ts to avoid when filing Chapter 7 or Chapter 13: Don’t transfer assets such as giving a car to a friend or relative. This can cause severe problems if done without the advice of a lawyer. For a more in depth discussion see: https://www.robertadamslaw.com/Transferring-Selling-Assets-Filing-Bankruptcy/ Don’t wait to file income… Read More

Are You Having Financial Problems
October 2, 2014

Similar to a blog we did earlier, Should I File Bankruptcy, the following article discusses warning signs. 7 Signs You’re Heading Into Bankruptcy If you are having financial problems, feel free to contact us or explore the website. We have helped thousands of people through these problems. Now may be the time for you to file a case. Source: www.msn.com

Bankruptcy And Irs Tax Liens
August 12, 2014

You can often get the IRS off your back through Bankruptcy. Thousands have gone through one of the Bankruptcy chapters and regained their freedom from the IRS. FEDERAL TAX LIENS A federal tax lien is the government’s legal claim against all your property. It encumbers real estate, bank accounts, and even personal property. How does a lien affect you? The lien attaches to all property you own within the county of the filing. This is especially burdensome if you have real estate. If you sell your property you have to pay the lien plus the accrued interest. Typically you cannot… Read More

Past Due Condo Payments – How Bankruptcy Can Help
July 7, 2014

Condominium associations are much like landlords. They can evict you if you are behind on payments and also sue you to recover unpaid assessments. Bankruptcy can help you stay in the condo by repaying the dues or get rid of the debt if you decide to leave. DUES Condominiums (Condos) include multi-unit apartments and townhouses and some single family houses. While co-ops are a bit different this article generally applies to those too. Owners of Condo units are responsible for monthly dues or assessments. In addition the Condo Association can levy special assessments. The special assessments can be required to… Read More