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Effective Use of Citations to Discover Assets in Complex Collection Cases

If someone owes you money but refuses to pay no matter how hard you press them, you must go to court and obtain a judgment to collect your debt. However, even then, some debtors refuse to pay up unless you take enforcement action. Collecting on the judgment requires that you know what assets the debtor Read More

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How Co-Owners of Small Businesses Can Recognize and Respond to Business Oppression

If you own a minority interest in a small business, whether a partnership, limited liability company or corporation, you’re entitled to have your rights respected by those in effective control of the enterprise. Unfortunately, not everyone in your position is treated as fairly as they deserve. In Illinois, when majority owners of a business engage Read More

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Illinois’ Pension Crisis Goes From Bad to Worse, Leaving Funds in the Lurch

Millions of fire and law enforcement officers, educators and other civil servants across the nation have devoted decades of service in the expectation that they will receive pensions when they’re ready to retire. But in Illinois, many pension plans are severely underfunded, threatening their ability to meet the needs of present and future pensioners. Trustees Read More

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Challenges of Enforcing a Confession of Judgment in Illinois

A confession of judgment clause may allow a creditor to seek a judgment immediately against the debtor if the debtor fails to pay an obligation. Confession-of-judgment clauses, by which a debtor waives most rights to contest a debt, often appear in contracts, promissory notes, guaranties and other agreements. Signing a confession-of-judgment clause may help a Read More

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What Assets Are Protected From Creditors’ Collection Actions?

Creditors seeking to execute on debtors’ assets to collect on judgments face legal limits under Illinois law, which lets a debtor claim certain types of property as exempt from enforcement of a judgment, wage deduction order or other collection measure. A creditor’s attorney must conduct a thorough examination of a judgment debtor’s assets to determine Read More

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Spotting the Badges of Fraud Under the Uniform Fraudulent Transfer Act

Winning a lawsuit lets you use court procedures to collect on your judgment. But what if the debtor suddenly claims they don’t have enough money or property to satisfy the debt? The debtor seemed financially healthy until very recently, but now claims poverty. That may signal one or more fraudulent transfers, which are acts of Read More

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Buyouts of Shareholders or LLC Members Alleging Minority Oppression

At the startup of a business, co-owners envision working together productively and profitably. But co-owners frequently encounter a serious impasse over business operations or corporate governance. When disputes arise that prevent the co-owners from doing business together any longer, one of more of them may need to exit the company through a buyout. This often Read More

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Collecting on an Out-of-State Judgment Debt Against an Illinois Debtor

You’ve won a judgment in another state against a person or company who is located in Illinois. That’s the good news. Unfortunately, the judgment debtor probably isn’t too keen on paying you, and probably won’t do so automatically. That means you’ll need to enforce the judgment. Your out-of-state judgment lets you pursue various collection efforts Read More

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Forgiveness of $287M in Trump’s Chicago Tower Debt Raises Fraud and Tax Questions

The saga surrounding former president Donald Trump’s tax returns includes the revelation that, since 2010, his lenders have forgiven roughly $287 million in the debt that financed the Trump International Hotel and Tower in Chicago. The episode underscores the need for lenders to exercise the highest level of diligence when extending credit to borrowers with Read More

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Dominion Voting Machine Defamation Suit Raises Major Judgment Collection Issues

In early 2021, Dominion Voting Systems filed defamation lawsuits in federal court against Donald Trump’s former personal lawyer Rudy Giuliani, former Trump campaign attorney Sidney Powell and MyPillow CEO Mike Lindell. Each defendant is accused of repeated peddling of debunked allegations that Dominion was involved in fraud that delivered the 2020 election to Joe Biden. Read More

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