When you have to file a Bankruptcy,the first question is which one is right for you. The following table lists some of the major differences. But remember, it is best to consult with an experienced law firm that concentrates in Consumer Bankruptcy. Hopefully, you will think of calling Robert J. Adams & Associates. SIMPLE DESCRIPTIONS […]
Chapter 7 Or Chapter 13: Which One Is Best For You? Read Post »
Bankruptcy Chapter 13 Chapter 7 Video
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
Automobile Loans and Chapter 7 Read Post »
Automobile Car Chapter 7 Loans Video
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
Driver License Suspensions In Illinois And Possible Solutions Read Post »
Automobile Bankruptcy Car Chapter 13 Chapter 7 VideoPeople are always concerned that they can lose their car or furniture when they file a Chapter 7 case. While it is a reasonable concern, the law recognizes that one can keep more than just the shirt on his back when going through bankruptcy. Property exemptions determine what property debtors may keep. Illinois has its
Personal Property Exemptions In Illinois For Chapter 7 And Chapter 13 Read Post »
Chapter 13 Chapter 7 VideoThere are times when it is best to convert a Chapter 13 case to a Chapter 7 and get a “fresh start.” The question is why you filed a Chapter 13 and whether you still need to keep paying into your Chapter 13. Is it a good idea to convert my Chapter 13 to a
Should I Convert My Chapter 13 to A Chapter 7? Read Post »
Chapter 13 Chapter 7 VideoMany Homeowners file a Chapter 7 Bankruptcy who are current on their mortgage and want to keep their home. The question is “Do I reaffirm my mortgage?” The answer, almost always, is a big fat NO. REAFFIRMATION GENERALLY In a Chapter 7 secured debts (like a car note* or mortgage) are generally treated one of
Should I Reaffirm My Mortgage In A Chapter 7? Read Post »
Chapter 7 Mortgage Video
Sadly the Supreme Court of the United States in a unanimous decision held that a Chapter 7 Debtor cannot wipe out an underwater second mortgage. The case is Bank of America, N.A. v Caulkett, 575 U.S. _ (2015)(June 1, 2015) An example of an underwater 2nd mortgage would be as follows: This case did not change anything
Can You Eliminate An Underwater 2nd Mortgage In A Chapter 7? Read Post »
Chapter 7 Mortgage VideoWhen you have a great deal of debt that cannot be managed the best solution is to file a Chapter 7 bankruptcy. There are, however, situations where filing a Chapter 7 is not possible or is not in a person’s best interest: filing a Chapter 13 is the best path for you. This article is
How Does A Chapter 7 Bankruptcy Compare To A Chapter 13? Read Post »
Bankruptcy Chapter 13 Chapter 7 VideoSURPRISING BENEFITS OF CHAPTER 13 Personal income tax debts that are older than 3 years may be discharged. For a fuller discussion see: Can I Discharge IRS Taxes In Bankruptcy? After Chapter 7 discharge there are 2 types of tax that remain: WHAT TO DO? A Taxpayer may be able to deal with the IRS outside
Dealing with IRS Debt that Can’t Be Discharge in Chapter 7 Read Post »
Chapter 7 IRS VideoCan you get rid of parking tickets in Chapter 7? Chapter 13 still available if it works out best for you. Can you convert a current Chapter 13 to get the benefit of the new law? Probably not. Because the 3 years back would be from the date of filing the Chapter 13. Dismiss Chapter 13 and refile?
Beep! Beep! Parking Tickets And Chapter 7 Read Post »
Chapter 7 Parking tickets Video