7th Circuit case shakes up the creditor’s barBy Matthew HectorDecember 2014LawPulse, Page 566Contrary to longstanding practice, collection cases must now be filed in the Cook County municipal district court where the debtor lives or the contract was signed.
Nullity rule for unregistered collection agencies is no longer absoluteNovember 2014Illinois Law Update, Page 524On September 10, 2014, the First District Appellate Court of Illinois upheld a foreclosure and sale even though the plaintiff agency was not registered under the Collection Agency Act, 225 ILCS 425/1 et seq., because the defendants failed to show the Act applied to the plaintiff.
Defending Confession Judgment Cases in IllinoisBy Andrew R. SchwartzOctober 2014Article, Page 494A confession of judgment lets a creditor take a judgment without notice to the debtor. Here are strategies for representing commercial debtors facing these judgments.
Judgment and memorandum of judgment expire simultaneouslyMay 2013Illinois Law Update, Page 228On February 26, 2013, the third district appellate court held that a judgment creditor must revive its judgment and file a memorandum of revived judgment within seven years from the date the original judgment was entered or previously revived.
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.