Credit Agreements Act does not bar debtor challenge to affirmative defenseOctober 2012Illinois Law Update, Page 520On July 18, 2012, the third district appellate court held that the Illinois Credit Agreements Act ("Credit Agreements Act") did not bar a debtor from contesting the accuracy of a commercial security agreement when the document was introduced by a creditor as an affirmative defense.
Bill would require personal service for debtorsBy Adam W. LaskerJune 2012Lawpulse, Page 286Pending legislation would require that debtors get personal service, not merely notice by mail, before courts begin key legal processes that could put them behind bars.
Are Inherited IRAs Exempt from Creditors in Bankruptcy?By Justin F. PolachDecember 2011Article, Page 628Standard IRAs are exempt in bankruptcy and thus unavailable to creditors. But what if the debtor inherited the IRA account - is it likewise exempt? A look at the evolving case law.
Confessions of an Illinois JudgmentBy Michael G. CortinaNovember 2010Article, Page 578As more loans go bad, banks looking to collect from defaulting borrowers are turning to judgments by confession. Here's how they work.
Tenancy by the entirety gets a boostBy Helen W. GunnarssonSeptember 2010Lawpulse, Page 446Spouses no longer must choose between the protection against creditors provided by tenancy by the entirety and the estate-planning advantages of a revocable inter vivos trust.
LLC Members by Default?By Lin HansonJune 2010Column, Page 328If an LLC member loses her shares, to what extent does a creditor stand in her shoes?
Collecting on a federal-court judgmentBy Helen W. GunnarssonFebruary 2010Lawpulse, Page 66Here's a step-by-step guide to actually getting that money you won for your client in federal court. The key: effectively using the powerful citation to discover assets.
Collection Agency Act amended. PA 095-0437June 2008Illinois Law Update, Page 284The Collection Agency Act has been amended to add two new sections. 225 ILCS 425/9.1 and 9.2. The Act sets requirements for debt collectors or collection agencies regarding communication with persons other than the debtor, and communication in connection with debt collection.
Assignees of debt entitled to original interestMay 2006Illinois Law Update, Page 230On March 3, 2006, the Illinois Appellate Court, Third District, affirmed the decision of the Circuit Court of Knox County, holding that the plaintiff, PRA III, LLC (PRA), was entitled to charge interest on the defendant's debt at the rate agreed upon when the defendant originally incurred the debt, even though PRA was not a party to the original agreement.