David Leibowitz's Answers

Debt

You can't be jailed for not paying a debt. But you could be put in jail, at least in Illinois, if you fail to respond to a citation to discover assets after judgment. In that case, you could be held in contempt of court and put in jail until you post bond or otherwise purge yourself of the contempt.

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What does it mean when a lawyer puts in a Request for a Substitute of Judge? And why would he/she make this request?

In Wisconsin, a party may request a substitution for a judge. Here's the statutes; =================================== 801.58 801.58 Substitution of judge. 801.58(1) (1) Any party to a civil action or proceeding may file a written request, signed personally or by his or her attorney, with the clerk of courts for a substitution of a new judge for the judge assigned to the case. The written request shall be filed preceding the hearing of any preliminary contested matters and, if by the...

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Illinois Mechanics Lien: Can an authorized agent (not Attorney) file a Mechanic's Lien on behalf of a Claimant?

You can file legally a mechanic's lien as an authorized agent for a claimaint. You cannot file a complaint to enforce a mechanic's lien unless you are an attorney. A mechanic's lien in Illinois is highly technical. Perfect compliance is necessary. So even though you are not an attorney, you are held to the standards of the law in doing so. Accordingly, I would be very sure that I understood all aspects of Illinois mechanics' lien law before acting as agent for anyone.

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Foreclosure and Bankruptcy????????

You can intervene in the state court foreclosure to protect your rights. There is a difference between your continued liability to the lender on the note and remaining in title. You may not still be "in title" yet liable on the note even though your ex-wife agreed to hold your harmless. Chapter 13 can give rise to an automatic stay against a foreclosure sale. This may or may not be in your interest depending on the value of the house and the amount due on the mortgage. Furthermore, the...

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Are small business assets exempt under personal chapter 7 bankruptcy petition in CA state

Theoretically, a bankruptcy trustee could close your business and try to sell it. Your tools are at risk unless they can be claimed as exempt,. There are rather generous exemptions in California. You'd have to work out a deal with your landlord for renting your place of busienss. If your business has no value without you, I can't imagine a trustee liquidating it. Be sure to protect your business assets with exemptions to the fullest extent possible.

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LLC limited liability company protection a LLC member's prior bankruptcy filing liability to LLC

If a member of a LLC files a bankruptcy, it is usually an event of "dissociation" within the meaning of most states limited liablity company acts. This is good for the limited liability company because the trustee of the filing member won't become a member of the LLC. He may have a claim against economic benefits which accrue from the limited liability company. The member is no longer a member and the trustee succeeds to economic benefits but not membership. The LLC may well want to acquire...

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What happens if we walk away from our Mortgage?

In Wisconsin, the strong likelihood is that you will not have a deficiency judgment after your mortgage foreclosure. You will be able to live in the house up until the date of sale and for a month or two thereafter, until the sale is confirmed and the deed is issued. You don't have to talk to the banks. If you do talk to the banks, you might be able to negotiate a cash payment in consideration of your leaving the property now. This is up to you.

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Will they take my house away?

If you want to keep your house in bankruptcy, you will either have to get current and reaffirm your debt in chapter 7 or you will have to satisfy your arrearage and keep current through chapter 13. Since you are in foreclosure, you probably can't afford to bring the loan current immediately. Chapter 13 can help but only makes sense if you would still have equity in your house after taking into account the current value of the house less the balance on the mortgage and further subtracting the...

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How common are deficiency judgments in Illinois?

Your attorney is wise not to give you a definitive answer on this question. None is possible. You need to know (a) that deficiency judgments are legally permitted in Illinois and (b) that they are not sought in every case. Beyond that, it is very difficult to provide sufficient information with which you can make a decision as to what you need to do. What a lender has done in the past is not in any way predictive as to what the lender might do in the future. Moreover, a servicer for one...

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How long does it take before a foreclosure process is completed? Is there anything we can do to speed up the process?

An Illinois foreclosure takes about 9-11 months. Lenders sometimes will agree to a "consent foreclosure" which speeds up the process. It is very helpful to get out of the title as soon as possible so as to avoid continued imposition of post-petition home-owner assessments. The same is true with respect to condominium association fees. While bankruptcy discharges pre-petition HOA fees and condo association assessments, only transfer of title stops imposition of post-petition fees and expenses.

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