In Illinois, no, the amount of time for achieving "adverse possession" is an open and conspicuous ownership for twenty consecutive years. Obviously, if you hold title to the property your ownership is more defined. There is some law that states if you have "color of title" and pay taxes on the...Read more »
The issue of "qualification" for bankruptcy is complex. As an individual, you qualify to be a debtor (see section 109 of the bankruptcy code) but the issue of whether you should file bankruptcy requires an investigator by a competent bankruptcy lawyer as to the status of your assets, liability,...Read more »
Any sale in a bankruptcy case is essentially an auction, whereby prospective purchasers with higher and "better" offers can defeat a purchaser that is the "stalking horse" brought by the debtor or a trustee for court approval. Competing bidders that interested in making an offer for the purchase...Read more »
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