Blogs - Robert J. Adams & Associates

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Robert J. Adams & Associates

Blogs


What Can I Do When My Building Is Worth Less Than I Owe?
June 30, 2014

In the last five years, property values have fallen leaving many people owing more money than their property is worth. If you own a building with rental apartments, you may be able to reduce what you pay to only what the building is worth by filing a Chapter 13 bankruptcy and using a cram down or bifurcation.  The terms “cram down” and “bifurcate” essentially mean the same thing. In a Bankruptcy a cram down is where the amount you pay for an asset gets crammed down to what it is worth. You have to pay 100% of the value of… Read More

LIFE AFTER BANKRUPTCY
June 16, 2014

In another article SHOULD I FILE BANKRUPTCY?: https://www.robertadamslaw.com/file-bankruptcy I said your decision is a personal one but should be based on correct facts and options. A lot of folks realize they should file Bankruptcy (either a Chapter 7 or a Chapter 13) but are hesitant. They are fearful of life after bankruptcy, because they have listened to misinformation and myths (I will never be able to buy a house, a car, or get any type of credit for many years, if ever). FEAR AND GUILT Let it go. Millions of American individuals and corporations have filed bankruptcy and continue to… Read More

Loan Modification And Foreclosure In Illinois
June 12, 2014

It seems like every week, I get a telephone call that generally goes like this: “The sheriff’s sale was last week. Can you help me save my home?” I reply, “Why did you wait?” The typical answer is: “I was working with the mortgage company on a loan modification. They said it looked good, so I didn’t do anything.” Once there is a sheriff’s sale (or more technically a judicial sale), a Chapter 13 cannot save your home, but before that date, filing bankruptcy can aid you in getting a loan modification. SAD FACTS Foreclosures and loan modifications work on… Read More

Divorce And Bankruptcy
June 5, 2014

About half of all marriages end in Divorce. The question is whether the couple should file a joint bankruptcy before or during the Divorce proceeding. There is no doubt that emotions run high and parties frequently have animosity towards each other. But if the couple can put aside their differences, bankruptcy can make things less painful. First of all, married couples can file a joint bankruptcy even if they live separate and apart. Married couples can file a bankruptcy any time before a final judgment of divorce is entered. The analysis should be: Is there too much debt? And, will… Read More

Marriage, Pre-Marriage Planning And Bankruptcy
June 2, 2014

I get a lot of questions about Marriage and Bankruptcy. One question is “I have a lot of debt: should I file Bankruptcy now or wait until we get married?” The second question often asked is whether a married couple should file a joint bankruptcy or whether only one party should file. These are excellent questions as one’s financial future is at stake. That is why it is best to call the law offices of Robert J Adams & Associates. The office has lawyers with many years of experience counseling clients on this question. We are dedicated to helping our… Read More

Should I Reaffirm My Mortgage In A Chapter 7?
May 30, 2014

Many Homeowners file a Chapter 7 Bankruptcy who are current on their mortgage and want to keep their home. The question is “Do I reaffirm my mortgage?” The answer, almost always, is a big fat NO. REAFFIRMATION GENERALLY In a Chapter 7 secured debts (like a car note* or mortgage) are generally treated one of three (3) ways: Reaffirm the debt. This means that you have the same obligation after the Chapter 7 is over as you had before; Redeem for value. This is generally not applicable on a house; Surrender the asset. You give up the car or the… Read More

Should I File Bankruptcy?
May 23, 2014

Filing for bankruptcy is a personal decision. The following is a quick guide for you. I skip bills or pay them late. Bill collectors often call my home or office. I spend more than I earn. I often use Pay Day loans to cover bills. I can’t pay the pay the minimum on my credit card bills (it can take 10 to 15 years to retire the balance). My credit card balance increases each month. I am falling behind on my mortgage or rent. I have been denied credit because of a low credit score (after filing a Bankruptcy credit… Read More

Title Loans – Save My Car
May 6, 2014

A Title Loan is a form of short-term lending where you pledge your car as security. The interest rates are astronomical just like a payday loan. We often see rates of 125% or even as high as 200-300%. The following is an explanation of what a Title Loan is, the costs, and good options for you You give them the title to your car plus a key. That means if you default they can and will repossess your car. Typically they are short term loans, maybe 6 months. A short term loan of 6 months with monthly payments looks like… Read More

Payday Loans – A Short Term Loan That Becomes A Long Term Problem
May 5, 2014

If you have ever taken out a Payday loan, you probably know they are extremely hard to get rid of. Payday loans have become a huge industry able to charge unbelievable interest rates. Going on the internet I see interest from 243% to 782%!! What the traps, What are the good options, and, busting the myths about Pay Day Loan? We have seen people who borrowed small amounts of money, were not able to repay the loan, and soon found they owed thousands of dollars. The reality of most payday loans is you don’t have the money to pay them… Read More

Bank Garnishments-Illinois – How Does It Work; What To Do
May 1, 2014

When a creditor obtains a money judgment against you they have various collection techniques. If they find out that you have a bank account or a credit union account they can proceed with a court order to seize the money. What happens when I get a Bank garnishment and what can I do? The creditor can serve your bank with a garnishment or as now more common a Citation to Discover Assets to a 3rd Party (your bank.) The citation has advantages for them and disadvantages for you. A garnishment can seize funds on hand of the date of service… Read More