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    Challenges of Enforcing a Confession of Judgment in Illinois
    2022-06-15

    A confession of judgment clause may allow a creditor to seek a judgment immediately against the debtor if the debtor fails to pay an obligation. Confession-of-judgment clauses, by which a debtor waives most rights to contest a debt, often appear in contracts, promissory notes, guaranties and other agreements. Signing a confession-of-judgment clause may help a debtor get credit not otherwise available. But although the confession-of-judgment clause is designed to streamline collections, enforcing one is not always simple or easy.

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Litigation, Schwartz & Kanyock LLC
    Authors:
    Andrew R. Schwartz
    Location:
    USA
    Firm:
    Schwartz & Kanyock LLC
    Literally Taking the Case
    2022-05-20

    IMAGINE THE FOLLOWING SCENARIO: WITHOUT FIRST CONSULTING ITS LAWYERS, your firm’s major client, Hapless Client, LLC (“Hapless”) entered into a horrible one-sided contract with Sketchy Business, Inc. (“Sketchy”). To make matters worse, Sketchy just filed a contract claim against Hapless to enforce that contract, and Sketchy’s complaint seeks massive damages that could put Hapless out of business permanently. An interview with Hapless confirms the truth of the essential allegations of the complaint.

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Litigation, Schwartz & Kanyock LLC, Illinois Supreme Court
    Authors:
    Andrew R. Schwartz , John Cerney
    Location:
    USA
    Firm:
    Schwartz & Kanyock LLC
    A Divorce Lawyer's Guide to the Illinois Fraudulent Transfer Act
    2022-05-20

    Sometimes a dissipation-of-assets claim under the IMDMA isn't enough when a recalcitrant spouse hedes assets. Never fear - the Illinois Uniform Fraudulent Transfer Act may be the answer.

    Filed under:
    USA, Illinois, Family, Insolvency & Restructuring, Schwartz & Kanyock LLC
    Location:
    USA
    Firm:
    Schwartz & Kanyock LLC
    Defending Confession Judgment Cases in Illinois
    2022-05-20

    A confession of judgment lets a creditor take a judgment without notice to the debtor, who usually first learns of the lawsuit when the creditor seizes his bank accounts and takes related steps. Here are strategies for representing commercial debtors facing such judgments. 

    Your developer client borrows $5 million from a bank to improve a strip mall on Chicago’s northwest side. The developer signs a promissory note with a floating interest rate of 1 percent over the Wall Street Journal prime rate, and its principal shareholder signs a guaranty. 

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Litigation, Schwartz & Kanyock LLC, Power of attorney, The Wall Street Journal
    Authors:
    Andrew R. Schwartz
    Location:
    USA
    Firm:
    Schwartz & Kanyock LLC
    What Assets Are Protected From Creditors’ Collection Actions?
    2022-05-15

    Creditors seeking to execute on debtors’ assets to collect on judgments face legal limits under Illinois law, which lets a debtor claim certain types of property as exempt from enforcement of a judgment, wage deduction order or other collection measure. A creditor’s attorney must conduct a thorough examination of a judgment debtor’s assets to determine which assets are available in whole or in part as sources of payment of the amount due.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Schwartz & Kanyock LLC, Fair Debt Collection Practices Act 1977 (USA)
    Authors:
    Andrew R. Schwartz
    Location:
    USA
    Firm:
    Schwartz & Kanyock LLC
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