A “cramdown” in a Chapter 13 bankruptcy allows you to reduce the principal balance of a debt to the value of the property it is secured by. By taking advantage of a Chapter 13 cramdown, you may be able to save your car, investment real estate, or certain other properties. You are allowed to cram […]
Category Archives: News
The Cook County Treasurer has now quickly issued the 1st installment 2022 tax bill. Only a few short weeks after finally issuing the long awaited 2nd installment 2021. Real estate taxes have gone up…again. Now is the time to take action to assert your rights to a tax appeal through the proper channels. Contact our […]
Parole evidence is a rule of evidence that bestows a preferred status on final written agreements. The rule is designed to provide stability in business transactions. The rule protects the agreement from the risk of perjured testimony and the risk of uncertain testimony of a party with a “slippery” and “self-serving” memory. At trial, the […]
Pursuant to 755 ILCS 27/40, a TODI must include the following info: Name(s) of grantor(s) – the people who currently own the real estate; Name(s) of grantee(s) – the people who will be the beneficial owners once the grantor(s) dies; Description of the property to be conveyed (address, legal description, PIN number); […]
A secured debt is one that is secured by property, which the creditor can take if you default. For example, your mortgage is secured by your home. If you default on your loan, the lender can sell your home to repay your debt. A car loan is also a secured debt. In addition to these […]
Effective January 1, 2023 Public Act 102-794 here in Illinois allows the properly appointed agent of a healthcare power of attorney to present a digital copy of the fully executed power of attorney on an electronic device (cell phone, iPad, etc.). Health care provides are required to accept the executed digital copy just as if […]
Parole evidence is a rule of evidence that bestows a preferred status on final written agreements. The rule is designed to provide stability in business transactions. The rule protects the agreement from the risk of perjured testimony and the risk of uncertain testimony of a party with a “slippery” and “self-serving” memory. At trial, the […]
A secured debt is one that is secured by property, which the creditor can take if you default. For example, your mortgage is secured by your home. If you default on your loan, the lender can sell your home to repay your debt. A car loan is also a secured debt. In addition to these voluntary […]
A. Despite its name, “Letters of Office” are not really a letter. Instead, the Letters of Office are a one-page official certified document issued by a probate court after a probate estate has been opened. Letters of Office cannot be obtained without first opening a probate estate. Upon entry of an order by the Court, the […]
The fundamental determination whether a probate matter needs to be filed with the county court is the value of the estate of the deceased. Under Illinois law the threshold for having to file a probate case is that the gross value of the estate must equal $100,000 or more. If the estate is valued at […]