Through Chapter 13 2nd mortgages can often be eliminated and reduced to an unsecured claim. There are two sections of the Bankruptcy Code that in essence say a junior mortgage is a secured claim only if after deducting all senior liens there is still some equity left for the junior mortgage. If the property has no […]
How Can A Second Mortgage Be Eliminated? Read Post »
Homeowner Mortgage VideoIf you default on your car payments, the lender or dealer won’t wait long to repossess. You do not have to just let this happen! Filing for bankruptcy can stop repossession. Even if the “repo man” has already taken your vehicle, there may be a chance to get it back if you act fast. If
You probably had little choice when you took out a payday loan. You have bills to pay. Your family needs to eat. You probably knew that the interest rate was very high, but again you didn’t have a lot of options. Now the amount you owe has mushroomed, maybe double or triple of what you
All individuals have to take a means test before filing a bankruptcy, and if their income, depending on the number of individuals in the family, exceeds a certain amount, the presumption is they cannot file a chapter 7. However, there are multiple deductions that can be taken from the gross income to show that the
Who Must Take The Means Test Prior To Filing A Bankruptcy? Read Post »
Means VideoRelying 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.
How to Better Manage Credit Card Debt Read Post »
Credit Card VideoEven 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
Traffic Ticket Debt Or License Suspension Read Post »
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
Finding a Solution For Unpaid Real Estate Taxes Read Post »
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
What Are The Nuances Associated With Home Ownership? Read Post »
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
What Is A Chapter 11 Reorganization For Small Businesses? Read Post »
Chapter 11 Small Business Video