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

Blogs


Homestead Exemptions In Illinois
February 26, 2014

When Homeowners are considering filing a Chapter 7 or a Chapter 13 they are naturally concerned about the fate of their home. Will I lose my home? Illinois is one of many states that have their own exemptions for homeowners rather than using the federal bankruptcy exemptions. The homestead exemption in Illinois is $15,000 for an individual and $30,000 when a married couple owns the home together. The $30,000 is available to same gender married couples, assuming it is jointly owned. An individual must actually reside in the home to qualify for the exemption. The exemption does not apply to… Read More

Driver License Suspensions In Illinois And Possible Solutions In Bankruptcy
February 20, 2014

The Illinois Secretary of State can and does suspend individual driver’s licenses for various reasons. For many it is impractical to deal with the problem directly. A frequent method of regaining one’s driving privileges is filing a Chapter 7 or a Chapter 13. My driver’s license has been suspended. I want and need my driver’s license! First: why is the Secretary of State suspending one’s driver’s license? PARKING TICKETS A driver’s license can be suspended for 10 or more parking tickets. When a person falls behind on parking tickets the city doubles the fine.  We have had clients owe several… Read More

WHAT TO DO WHEN YOUR CAR IS BOOTED
February 20, 2014

When you went to your car you found the city has installed a boot on the front wheel. What is going on? And, what can you do? WHEN DOES THE CITY BOOT A CAR The city of Chicago aggressively seeks to “boot” cars. In fact they have specially equipped vehicles that can read license plates as they go up and down streets including side streets as well as main streets. They even scan cars at O’Hare and Midway airports. Chicago is not alone either. Many cities  and towns aggressively use ticket revenue to balance their budgets. The city can boot… Read More

AUTO LOANS IN CHAPTER 13
February 20, 2014

If you are wondering how automobile loans are handled when you file a Chapter 13 bankruptcy, here are the main points to consider including what to do if the car has been repossessed. How to pay for a car in Chapter 13 Generally folks considering filing Chapter 13 are concerned about how their auto loans will be treated. It is reasonable as most people need their cars for driving to work and generally getting around. There are 3 options available for you. (1) Paying the car debt though the Chapt (2) Paying the car loan directly and not through the… Read More

Automobile Loans and Chapter 7
January 23, 2014

The common question is “will I lose my car?” It is certainly a reasonable concern. This guide goes over the three (3) legal options plus two (2) alternatives. REAFFIRM THE DEBT Essentially, you agree that the debt goes on after the bankruptcy with the same contract terms. The finance company retains its lien, and you will be personally liable for the debt. The main requirement is that you are current or close to current on your payments. Generally, the finance company wants proof of Physical Damage Insurance. Remember, the finance company wants your money not your car. There is a… Read More