Chapter 13 Archives - Robert J. Adams & Associates


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Robert J. Adams & Associates

Category: Chapter 13

Beat The Means Test
May 11, 2020

Bankruptcy laws say you have to do a Means Test. You are to list the gross income in family for the past six (6) months. The total is compared to the Illinois State Standards. If your gross family income is above a certain amount they want you to file a Chapter 13 instead of a Chapter 7. Most people have income below the Means Test. Everyone has to take the Means Test. For most it is only a simple exercise but for some it presents a challenge. Even if your gross income is above the income listed below there are… Read More

Hidden Tax Deductions In Chapter 13
March 20, 2020

There are possible tax deductions in your Chapter 13 The most common: Mortgage interest. If you are paying mortgage arrears through your Chapter 13 plan. Real Estate taxes. Even if one has an escrowed account with their mortgage lender it deductible. Also, some individuals are paying back real estate taxes: what is paid through Chapter 13 is likely deductible. Business Expenses. This includes Ride Share drivers as well has clients who are operating traditional businesses. Go Back To Prior Tax Years. Tax returns are generally amendable for 3 years. Disclaimer: ROBERT J ADAMS & ASSOCIATES concentrate our practice in bankruptcy… Read More

How To Pay Off Credit Card Debt In A Chapter 13 Bankruptcy And Save Thousands Of Dollars?
October 2, 2019

With large credit card and other unsecured debts, Chapter 7 is the best option. But, sometimes Chapter 7 is not available to you. Or, Chapter 13 is the best option: like saving your car or your house. People ask how much they have to pay their credit card bill in Chapter 13. Chapter 13 plan propose a “dividend” to unsecured creditors. The dividend is the percentage that unsecured creditors will get. A plan with a 10% dividends means the unsecured creditors will get ten cents of the dollar of its filed claim. If the unsecured filed claims are $30,000 the… Read More

What Are The Different Types Of Claims In Bankruptcy?
September 30, 2019

There are 3 basic types of claims in Bankruptcy for folks: Secured claims; Priority claims; and General unsecured claims. Secured Claims A secured claim is one where the creditor has a lien on a property in your possession. A secured claim can be by agreement; by law; or by recording a lien. By agreement. The most common types include mortgages, cars, and even furniture. The individual agrees that the creditor has a lien on certain property as well as on the note. By law. This would include real estate taxes. By recording. Creditors who get a money judgment can record… Read More

The Benefits Of Chapter 13 Repaying 100% To All Creditors
July 2, 2019

Often individuals with a heavy debt load want to file Chapter 7 but find out they can’t. There is a Means Test. Many middle-income folks are “high earners” in Bankruptcy Land. What this means is the income in the family exceeds certain thresholds. I have a blog that explains the Means Test in greater detail: So what do you do if a lot of debt; and income above the threshold? I often talk to good folks with situation frequently. And, we discuss what happening in their life. They tell me they are juggling their debts. Stealing from Peter to… Read More

Chicago Parking Tickets
March 13, 2019

The New “Fresh Start” Payment Plan It is possible to discharge all or some Chicago Parking tickets in Chapter 7? Yes! (Sorta) This applies to: PARKING TICKETS; RED LIGHT TICKETS; STANDING COMPLIANCE; AUTOMATED SPEED ENFORCEMENT (CAMERAS); AND, AUTOMATED TRAFFIC LAW ENFORCEMENT (CAMERAS). Filing Chapter 7: eliminate tickets older than 3 years old as of the date of the filing. What About Newer Tickets? (Less Than 3 Years) The original amounts. The increase penalties will be gone. The resulting balance has to be repaid over a period of time. Ticket fines double when not paid. A $60 ticket becomes $120; a… Read More

Debt Attorney In Chicago
February 8, 2019

Everything You Need To Know For Debt Attorney In Chicago It an alarming situation when your bills are piling up and you do not have the means to pay them. Considering our current economic environment, it is not possible for the debt to spiral out of control. However, if you find yourself in this sludge, then it is advisable to find possible alternatives that can help you in getting out of this myriad. Debt settlement is one of the viable options for you among so many. To do so, it is imperative to consult with and hire an experienced debt… Read More

Beep! Beep! Parking Tickets And Chapter 7
January 10, 2019

Can you get rid of parking tickets in Chapter 7? Yes, if more than 3 years old This applies to red light tickets, too. License suspended for parking tickets and/or red light tickets: RESTORED Extra charges on tickets less than 3 years will be waived: pay only principal The city will work out a repayment plan for tickets less than 3 years old. You must complete the repayment program for tickets less than 3 years. Then the city will waive all fines, penalties, including boot and impound fees. Chapter 13 still available if it works out best for you. Can… Read More

Can I File A Chapter 13 By Myself?
August 18, 2017

The American legal system allows individuals to file cases on their own. These are call Pro Se filing: a fancy term meaning “for oneself” or “on one’s own behalf.” Thus you can sue your bank for a perceived wrong or even your neighbor. The simple answer is “Yes” you can file a Chapter 13 own your own without a lawyer. Sometimes it is called “Do-It-Yourself” Chapter 13. There are really 2 types of people who wish to file a Chapter 13 by themselves. First there are those who wish to create a delay for whatever reason. Second, there are honest… 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