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IL bankruptcy lawyerThey say that to start up a business, you should plan to have at least five years of savings to support your business without profiting by a single dime, and if you can make it past the five years, your business has a higher potential for long-term success. The truth is, any company can experience financial turmoil at any point, be it two days or two centuries into service. The industry for which your company operates may fluctuate, or an unforeseen public catastrophe may drive business away. At what point do you decide to file for bankruptcy?

Small Business Bankruptcy

In some cases, but not all, you may be eligible to continue your business operation after filing for bankruptcy. Bankruptcy is an option when a company has accumulated more debt than the profit it is bringing in, with no hope of catching up. There are two options for small businesses, which become a decision based on the future goals of the operation. If you would like to try to remain in business but need help with the accumulating debt, Chapter 11 bankruptcy may be an option where debts reorganize. If quietly closing the doors on this business and this part of your life is the best avenue, Chapter 7 will be the better option.

How to Decide If Bankruptcy Is Necessary

When you began your business, you determined what sort of financial structure you preferred. Did you want to be a sole-proprietorship? A limited-liability entity? A partnership? Believe it or not, this may play a role in your determination of if the bankruptcy process is right. If your business is a corporation, LLC, or other entity with limited liability do not have as much of a risk on their personal assets and may choose another option. Other factors to consider include:

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IL real estate lawyerIf you are struggling to make your mortgage payments, the threat of losing your home can be a terrifying thought. Once a mortgage is in default, the lender can sue to have the right to sell the property in what is known as a foreclosure sale. In 2021, lenders initiated more than 92,000 foreclosures—the lowest number in many years. In fact, 2009 saw more than 2 million foreclosures initiated by lenders looking to resolve defaulted mortgages. If you are facing the potential foreclosure of your home, you should be sure to understand the procedures that will be followed and the legal options available to you.

The Foreclosure Process

When a mortgage has not been paid for several months and has fallen into default, a lawyer from the lending institution may begin a lawsuit by filing a complaint in court. After that, a summons and complaint are delivered by a process server or a sheriff. The summons is a notification of a court hearing, and it will specify when and where the hearing will be held. Within 30 days of receiving the summons, you must either file an answer and court appearance or a motion of your own.

During the hearing, the bank’s lawyer will update the assigned judge regarding the status of the property. At this time, you may be able to request mediation, during which you and a representative of the lender will meet with a mutual third party to discuss loss mitigation. This means that options other than foreclosure can be discussed, and you may be able to work out an arrangement that will allow you to stay in the home through solutions such as a repayment plan or loan modification. There are also options in which you may be able to sell the home without going into foreclosure.

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IL real estate lawyerConsider the following scenario: “About nine months ago, my wife and I sold our house in Aurora and moved to Mesa, Arizona. We were just beginning to settle in when we were blindsided by a letter from a lawyer. She wants us to pay the new owners $20,000 to compensate them for some foundation work they had done. What are our options?”

In this situation, the lawyer appears to be threatening to take action under the Illinois Residential Real Property Disclosure Act (RRPDA). When real property is sold or transferred, the current owners must disclose any structural problems or related issues, like water leaks, menacing tree roots, and other defects. Legally speaking, a seller has a duty to disclose when “equity and good conscience” requires such a disclosure. The theory is that the current owners of the property are in a position to not only know about latent defects in a house that can cost the new owners thousands of dollars in repairs, but they are also in a position to conceal these defects.

One of the forms buried deep within the mound of paperwork at closing was probably a “Residential Real Property Disclosure Report” form. Essentially, the seller must declare that the house is in good condition or that the buyer is aware of any existing defects. If the seller does not disclose a known patent or latent defect, the buyer could potentially sue.

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IL bankruptcy lawyerFinancial trouble can happen to any business of any size at any time. Unfortunately, knowing this does not make the process easier or less devastating. What can make it easier is knowing what to expect and where to find assistance. The following can help you with both aspects of small business bankruptcy and may even provide you with hope for an alternative solution.

Deciding Whether You Should File

When your business has overextended itself, fallen short of income projections, or otherwise taken a major financial hit and the debts begin piling up, bankruptcy might seem like the only option. Thankfully, this is not always the case. It may be possible to negotiate your debts or restructure your business spending so you save more money. Whatever your situation, you should commit to speaking with an attorney before moving forward. Your lawyer can examine your business earnings, debt, and projections to help you determine what options may be most suitable for the future of your company.

If Bankruptcy is the Best Choice

Although some business owners may find other options for saving their company, others may learn that bankruptcy truly is the most viable option. This does not necessarily mean you have failed—all kinds of businesses go bankrupt. It does mean that you are going to spend a lot of time speaking with your attorney about your options. Should you file for liquidation or Chapter 7? What are the pros and cons of each option? Is there any hope of saving your business, and if so, is it worth the risk or financial burden? These are all questions you should ask.

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lake county residential real estate attorneyIf you are currently on the hunt for your next home—and possibly your forever home—you are not alone. Since roughly the beginning of the COVID-19 health crisis, home prices have been on the rise, and the market has been historically hot. Experts expect the market to come back closer to normal over the next year or so, but there are no indicators that prices are coming down anytime soon.

With this in mind, you need to make sure that you fully understand what you are getting into when you submit a bid on a new home. As excited as you might be to start your life’s next chapter, it is critical to know that you can afford the price tag that comes along with it.

Working With Your Lender

The bank or financial institution that ultimately issues your mortgage will largely be responsible for establishing what your budget will need to be for your next home. Your lender will determine your loan amount, term, and interest rate based on a number of variables, including your credit score, tax obligations, and other details. It is not uncommon, however, for a lender to approve a mortgage that the borrower cannot reasonably afford. In fact, these types of approvals were among the primary reasons for the housing market crash in the late ‘00s.

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