Relying on “plastic” can become a problem when credit card balances grow too big or your income shrinks. Perhaps you lost your job or had your hours cut. Maybe you were propping up a small business. Maybe you had a medical crisis or other unexpected bills. Or perhaps you were simply living beyond your means. […]
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Credit Card Video
In Illinois, a garnishment is generally fifteen percent of your gross pay, but there are some limitations to this which apply to low wage earners. For example, if you make the minimum wage in Chicago of $12 per hour, then you might be entitled to thirty times that amount per week, or $360. If you
What Happens When Someone’s Wages Are Garnished? Read Post »
WagesEven one speeding citation, red light ticket or tollway violation can be a hardship when you have other bills and expenses. The amount doubles if you don’t pay the fine in a certain time. Before you know it, multiple tickets and fines on top of fines can add up to thousands of dollars. Then it
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Tickets VideoThe city of Chicago is aggressively looking for infractions on parking meters and red light cameras. When people cannot pay immediately, these fees and fines are doubled. People then cannot possibly catch up. Parking tickets and red light tickets are not dischargeable in a chapter 7 bankruptcy but are dischargeable in chapter 13. We frequently do chapter
How Do Parking Tickets And Arrests Contribute To Debt? Read Post »
Arrests Tickets VideoIf you have unpaid property taxes, you may be at risk of losing your home — even if your mortgage is paid off. Chapter 13 bankruptcy may be the solution to saving your house and curing your debt problems. The Chicago bankruptcy attorneys of Robert J. Adams & Associates can help you get into a
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Real Estate Tax VideoHome ownership is one of the great American dreams. Very little compares to the pride of home ownership. It gives one the status of being in the middle class. One that has provided security and comfort for the homeowner’s family and self. For most of us to buy a home or other real estate requires
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Homeowner VideoCorporations (including Not-For-Profit Corporations), Partnerships, and Individuals who exceed the debts limits for a Chapter 13 are candidates for a Chapter 11. The definition of a Small Business in a Chapter 11 is one where the debts don’t exceed about $2.5 million (currently $2,566,050). The debt limit excludes amounts owed to persons considered “insiders” such
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Chapter 11 Small Business VideoIn Illinois, a home owner has 30 days after he or she has a notice of intent to foreclose notice by mail before a foreclosure suit can be filed. WILL MY FINANCIAL REPUTATION BE RUINED IF I GO INTO FORECLOSURE? Foreclosure filings are listed on one’s credit report. It does lower the score. CAN I
What Triggers A Foreclosure? Read Post »
Foreclosure VideoFor reorganizations there are 2 main Chapters available: Chapter 13 and Chapter 11. Only an individual may file a Chapter 13. High amounts of debt can push an individual into Chapter 11. Corporations and partnerships must file Chapter 11, although there is a provision for a small business Chapter 11 with slightly different procedures from
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Chapter 13 Reorganization VideoOne of the most common questions we get is whether student loans are dischargeable. And we have to be the bearer of bad news — no, you cannot get rid of school loans in bankruptcy. Only in very rare cases of “undue hardship” can student loans be forgiven. BANKRUPTCY MAY STILL BE PART OF THE