In 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
What Is Reorganization Under The Bankruptcy Code? Read Post »
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
After decades of helping individuals and businesses one thing is clear. Each client is unique and that includes their problems, situations, and possible solutions. Experienced lawyers do not offer cookie cutter options. The Bankruptcy laws have parameters, rules and regulations. Within these parameters experienced lawyers should look for solutions that best fit the needs of
What Is Small Business Bankruptcy In Illinois? Read Post »
Small Business VideoTYPES OF BANK GARNISHMENTS AMOUNT YOUR BANK WILL FREEZE The law requires that the bank freezes double the amount of the judgment. For example: judgment is $3,000 the bank will freeze $6,000. JOINT ACCOUNTS The law presumes all funds are yours. The joint account owner has the obligation to file a motion and proof the
Bank Garnishment and What Can I Do? Read Post »
Bank Garnishments Video Wage GarnishmentsHOW DID MY WAGES GET GARNISHED? “I didn’t know someone sued me.” That is not uncommon. But the Clerk of the Court will show a judgment against you. A Wage Garnishment demands that your employer pays them 15% of your gross income: not net income. For example, gross income is $600 per week the deduction
Wage Garnishments-What is it? How to fight it and Keep Your Hard- Read Post »
Garnishments Video Wage Garnishments WagesHOW LONG CAN A DEBT COLLECTOR PURSUE AN OLD DEBT? This is a general outline is provided by ROBERT J. ADAMS & ASSOCIATES. Offices in Chicago and Waukegan, Illinois. The primary practice of ROBERT J. ADAMS & ASSOCIATES is Chapter 7 and Chapter 13 Bankruptcy. Private creditors have a limited amount of time to collect
Statute of Limitations for Debts in Illinois Read Post »
Debt Statute of Limitations VideoCan Personal Income tax be discharged in Bankruptcy: Chapter 7 or Chapter 13? The answer is “Yes” based on certain rules: CHAPER 13 The same rules apply to both Chapter 7 and Chapter 13. If you file Chapter 13 the IRS debts that can be discharged receive a dividend like other unsecured debts. The dividend
Discharging Personal Income Tax (IRS) in Bankruptcy Read Post »
IRS Taxes VideoThis article is about IRS debts that are dischargeable in Bankruptcy but where the IRS has filed a lien. The IRS frequently files tax liens on all property the taxpayer owns in the county where the taxpayer resides. Tax liens have a life of 10 years. They can be renewed after 10 years but usually
IRS Tax Liens in Bankruptcy Read Post »
IRS Liens VideoFORECLOSURE DEFICIENCIES This is a general outline provided by ROBERT J. ADAMS & ASSOCIATES. Offices in Chicago and Waukegan, Illinois The primary practice of ROBERT J. ADAMS & ASSOICATES is Chapter 7 and Chapter 13 Bankruptcy. When you buy a home financed with a mortgage you give the mortgagee two (2) things: WHAT HAPPENS WHEN
Money Judgments when A Home Is Foreclosed (Illinois) Read Post »
Foreclosure Real Estate Video