Having a bank initiate the legal process of taking possession of your property through foreclosure – in Illinois or any other state is understandably worrisome. However, by undertaking “loss mitigation” for your foreclosure case: devising a plan for keeping your home, or perhaps giving it up, yet avoiding liability, you may improve the outcome.
The foreclosure process can take some months, and you can remain in your home during this period. A sound defense administered by an experienced attorney may extend this time, and in some cases could result in the Court denying the bank’s foreclosure lawsuit altogether.
Potential actions…
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Postnuptial agreements are relatively new in the legal field, but they are just as powerful as pre-nuptial agreements. Like prenuptial agreements, post-nuptials, post-marital agreements or postnups, as they are also called, outline the ownership of assets in the event of a divorce, among other functions. They also spare spouses costly divorce settlements and bring a sense of calm in otherwise trying times.
Elements of a Postnuptial Agreement 
Illinois law dictates that a couple’s assets must be divided equitably based on certain factors like;

• How long was the couple married
• The value of the assets
• Tax implications
• Whether spousal support

…
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The Federal Arbitration Act enacted in 1952 allows businesses to settle disputes in arbitration. Unfortunately, some car dealerships have expanded to mandatory arbitration agreements when selling new or used cars and financing contracts. They expect buyers to  sign the contracts to settle future disputes.
If you are planning to buy a car in Illinois, it is important to do due diligence and understand the terms and conditions before you proceed. You should know whether or not you must sign an arbitration agreement. This can help you make informed decisions.
If you have issues with the dealership concerning the arbitration…
Continue Reading Arbitration Agreement: What is it and Must You Sign One When Purchasing a Car in Illinois?

 
A last will and testament is an integral part of an estate plan. It is a legal document to outline your wishes for how you want to have your property distributed after death. It is important to follow the specific rules for executing a will in Illinois to avoid any challenges to your will upon death. Certain individuals may challenge the contents of a will in probate court to have a Judge or jury decide the ultimate distribution of estate assets. Here is how an individual may contest the validity of a will in Illinois:
Who Can Contest a…
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Prenup Agreements in Illinois—Everything You Need to Know
If you’re in the process of getting married and your future spouse has substantial assets to protect, you may be considering a prenuptial agreement.  But what are these agreements? What makes them so helpful, and how can they protect your marriage?
Here’s everything you need to know about prenups in Illinois before signing one or if your partner brings up the idea with you.
What Is a Prenuptial Agreement?
A prenuptial agreement is a contract entered into by an unmarried couple before marriage. These agreements are utilized when one of the parties…
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Filing for bankruptcy may be a strong tool to reset your financial position and get creditors off your back if you’re drowning in debt. It prevents creditors from using any further collection efforts, such as phone calls, garnishments, lawsuits, mailings, etc. Many debts, such as medical expenses, credit card payments, personal loans, and more, may be discharged in bankruptcy.
If your financial situation is dire, bankruptcy may be possible, albeit you must meet certain requirements. To get out of debt, you need to satisfy certain requirements; if you don’t, you may need to look into other options.
SEEK TO…
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The process of divorce can be complicated. If you are considering divorce or have already begun the process, you likely have many questions about the next steps and what to expect. One issue that often arises in divorce cases is hidden assets. In other words, one spouse may hide money or valuable assets from the other. This blog will explain how couples can find hidden assets during divorce and how they should go about detecting them.
Hidden Assets
The hidden assets can take many forms. They are assets that are not reported or disclosed. It’s a common practice for…
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You have recently commissioned the construction or remodeling of a home or business. Nearing the end of the work something goes wrong and it results in a lack of payment to your contractors. Perhaps something was not made to spec and you need it done right before final payment. Perhaps you have paid in full, but your contractor is asking for more than you agreed to.
As a result of this payment dispute, your contractor filed a mechanics lien against your property. What does it mean, and what should you do about it? That is what we’re here to answer…
Continue Reading My Contractor Filed a Mechanics Lien. What Should I Do?

 
Can a Debt Collector do that?
Despite what some may believe, debt collectors do not have full reign when attempting to secure payments for defaulted accounts. The Fair Debt Collection Practices Act (FDCPA) prohibits third-party collectors from verbally harassing and using other tactics meant to pressure the debtor into making agreements that he may not be able to keep.
The best way to ensure fair treatment as a debtor is to hire an attorney.
What exactly is the FDCPA?
The Fair Debt Collection Practices Act (FDCPA) is a federal law that limits the powers of third-party debt collectors. This…
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A 2018 report by the United States Census Bureau revealed that about 6.6% of marriages in Illinois end in divorce. Notably, only a fraction of divorces in Illinois are resolved via litigation in a formal court trial. Most divorces are resolved and finalized via mediation. Here is a comprehensive overview of how the divorce mediation process in Illinois works, what to expect, and how to prepare.
The Mediation Process in Illinois – What to Expect
Divorce mediation involves consulting a trained and certified mediator to help you resolve contentious issues regarding your divorce. Mediators adopt a neutral position throughout…
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One of the most common questions that lawyers get from clients is ‘how long will the litigation process take?’ This is an important question when it comes to planning because it helps you budget for your finances, especially on how you will pay your attorney.
However, there is no specific timeframe for litigation cases because each case is unique. Your attorney should review your case and give you an approximate time for the case.
What Is Litigation?
Let’s first start by defining litigation. Litigation is the process of taking a dispute to a law court. It is a practical…
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