Blogs - Robert J. Adams & Associates


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


Should I Convert My Chapter 13 To A Chapter 7?
March 25, 2014

There are times when it is best to convert a Chapter 13 case to a Chapter 7 and get a “fresh start.” The question is why you filed a Chapter 13 and whether you still need to keep paying into your Chapter 13. Is it a good idea to convert my Chapter 13 to a Chapter 7 and can I? SOME REASONS TO CONVERT You filed a Chapter 13 to save a car but now the car is not worth saving. Perhaps the car has been broken down or was in an accident. You filed a Chapter 13 to save… Read More

Can I File A New Bankruptcy Case
March 25, 2014

Folks frequently ask if they are eligible to file a Chapter 7 or Chapter 13 case. This article will acquaint you with the 2, 4, 6, 8 Rule and give eligibility guidance. So, the question is-I filed a Chapter 7 or Chapter 13 in the past: can I file a case now? This article is limited to whether one is time barred from a new Chapter 7 or Chapter 13. Other factors are not considered such as debt limits, whether you have regular income, or have other obstacles to filing a case. When analyzing whether one is time barred remember… Read More

Home Foreclosure In Illinois
March 18, 2014

When you can’t pay your mortgage on time, you start to panic. How much time do I have to get caught up? What happens when a foreclosure is filed? How soon can they sell my house, and what can I do to stop it? What follows below is a description of the process and answer to these questions. You know a foreclosure is very serious. You should understand what the mortgage can do and what you can do to help yourself. GENERAL TIME FRAME BEFORE THE FORECLOSURE BEGINS Mortgage payments are generally due on the first of each month, but… Read More

Delinquency- Condo Dues In Illinois And How Bankruptcy Can Help
March 18, 2014

Condominiums (Condo) include mulIt-unit apartments and townhouse and some single family house. While co-ops are a bit different the following generally apply to the following. DUES 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 be paid in a lump sum or over a period of time. What happens if I fall behind? What can the Condo Association due? What can I do to protect myself? FALLING BEHIND ON CONDO DUES Generally monthly condo payments are due on the first of the… Read More

Personal Property Exemptions In Illinois For Chapter 7 And Chapter 13
March 18, 2014

People are always concerned that they can lose their car or furniture when they file a Chapter 7 case. While it is a reasonable concern, the law recognizes that one can keep more than just the shirt on his back when going through bankruptcy. Property exemptions determine what property debtors may keep. Illinois has its own exemptions rather than  the federal bankruptcy exemptions. Most exemptions listed here can be doubled for married couples. That includes same gender married couples. The following article discusses the most frequent Personal Property exemptions allowed Illinois individuals who file a Chapter 7 or a Chapter… Read More

Swimming In Debt? It Might Be Time To Call A Chicago Debt Collection Attorney
March 16, 2014

American workers take pride in their work, and American ingenuity and labor has given birth to some of the world’s greatest achievements, indeed. But the economy rises and falls from year to year and unfortunately for some Americans that means lost jobs, and lost jobs often creates debt. Let’s face it, no one wants to be in debt; it produces anxiety and emotional stress, and sometimes leaves us feeling as if we have no options. And when you are trying your best to secure work and pay off your debt when you can, it doesn’t help to have creditors harassing… Read More

Transferring Or Selling Assets Before Filing Bankruptcy
March 10, 2014

Frequently, individuals ask about giving property away, such as a car, just before filing a Chapter 7. These transfers not only fail to help the bankruptcy process, the transfers might be unnecessary with the right legal advice. THE PROBLEM WITH LAST MINUTE SALES AND TRANSFERS Maybe an individual has a car worth $15,000 that they do not want to lose if they file a bankruptcy. They decide to sell the car for just a few dollars to a relative on the eve of filing a Chapter 7. The Bankruptcy Code has a provision that allows Chapter 7 trustees to undo… Read More

March 6, 2014

Wouldn’t it be nice to get rid of a 2nd mortgage and save thousands of dollars? Homeowners and other property owners often discover that their property’s market value is less than the balance of the first mortgage. On top of that many have second mortgages and/or Home Equity Loans. How do you keep the property and get rid of the 2nd mortgage: the answer may be a Chapter 13. CHAPTER 13 The ability to avoid a 2nd mortgage or other junior lien comes when the market value of the property is less than the senior liens including a 1st mortgage… Read More

March 6, 2014

The IRS requires creditors to issue a 1099-C form to individuals who have had their debts forgiven or settled for less than the amount owed. It applies to debts in excess of $600. I don’t owe the money but now the IRS is sending me a huge tax bill!! What’s going on and what can I do? Income From a Debt You Didn’t Pay? Sounds Crazy What does this mean? Essentially the amount of the debt forgiven is treated as income to the tax payer. For example a creditor ceases trying to collect a debt of $5,000. That means… Read More

Money Judgments Following Foreclosure In Illinois
March 1, 2014

What happens after a foreclosure sale when the home does not sell for enough money to pay off the mortgage? Mortgage companies can collect the remaining balance, which leaves people owing tens of thousands of dollars after already losing their homes. Read on to find out what you can do about it. Understanding Homeowner Protection A deficiency judgment comes when a mortgage company seeks to collect the balance remaining on a mortgage after a foreclosure sale. Before the real estate market fell apart, people seldom had this problem. Even in a short sale, mortgage companies sometimes insist on the homeowner… Read More