11 U.S.C. § 506(a) plays a central role in determining the secured status of claims in bankruptcy, including in the described Chapter 13 scenario involving an undersecured vehicle loan (where the vehicle’s value is less than the outstanding debt). Below, I’ll explain its potential impact step by step, based on the statute and its application […]
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Under Illinois law, the Probate Act expressly allows the court to appoint co-guardians (two or more) for a person with a disability — either to serve together for the same role (e.g., both as guardians of the person) or to split roles (e.g., one guardian of the person and another guardian of the estate). However, […]
The ALTA Endorsement 3.1-06, Zoning-Completed Structure, is designed for improved property and insures the zoning classification and authorized uses under that classification. This endorsement also insures against a final court order prohibiting the present structure, and requiring removal or alteration of the present structure, because of violation of the zoning ordinance as to area, width […]
From the perspective of a trust lawyer, the tax treatment of a revocable living trust and an irrevocable living trust under the Internal Revenue Code (IRC) can be significantly different. A revocable living trust is generally disregarded as a separate entity for tax purposes, meaning that the grantor is still considered the owner of the […]