Commercial Lawyer. You will want an agreement to transfer shares or membership interests depending on whether the business is a corporation or an LLC. You should also consider a non-compete agreement from the individual being bought out to make sure they don't turn around and start competing...Read more »
You don't want to dismiss your petition. Rather, you should file a motion for leave to file an amended petition. Once the motion for amendment is granted, you can refine your petition in any way you deem appropriate. Good Luck. Bryan.
The attorney (friend of one heir) keeps returning to court, has not expeditiously settled this and does not relate information to the heirs. He insists it’s due to IRS tax due but the payment was recently returned from the IRS to the estate administrator. Please advise how we can finish this.... Read more »
It is difficult to answer your question. When the administrator was appointed, the court would have ordered the estate as supervised or independent. If supervised, then the administrator is responsible to file an inventory and regular accounts. It does not sound as if that has been done. Anytime...Read more »
I am a sole proprietary business owner and married. I started my home business in August of 2019 and I work another job. The business has taken a hit due to COVID because most of the income is generated in-person sales. I was thinking of filing a chapter 7 but I was unsure how that could impact... Read more »
In Illinois a homeowner is entitled to an exemption for their home. The exemption amount is $15,000 per person - so $30,000 if a married couple (assuming both spouses file). Since you are married, if you have more than $30,000 in equity, then you may have issues. If you have less than $30,000 in...Read more »
You need to look at the probate file and determine what happened. You will need to see who was identified as an heir. There should be an order declaring heirship. If you were not identified as an heir, then there is a likely issue. I have no idea if your address was unknown to the person appointed...Read more »
I am a banquet hall business owner. My bank has refused to give me relief on mortgage payments because I was already behind 2 payments due to the increase in property taxes in the county. The bank has filed for foreclosure during covid and intends to appoint a receiver in June 2020. At this point,... Read more »
I can't tell from your facts if you are facing a business bankruptcy, a personal bankruptcy or both. However, it sounds like you need a mechanism to stop the litigation and to liquidate debts in an orderly fashion. That is one of the functions of a bankruptcy case. I need to know more about...Read more »
A debtor's assets in bankruptcy include property received by bequest, devise or inheritance. Please review section 541 of the bankruptcy code before making any decisions. If you are inheriting the house and there is equity, you need to analyze how that equity is treated if you file for...Read more »
My wife and I had a will completed in 2003. We would like redo. Due to pandemic circumstances we were considering completing on line. If we were to complete on line today. Would the will be (in force) as of its filing on today?
755 ILCS 5/4-3 of the Illinois Probate Act states that every will shall be in writing, signed by the testator and attested (witnessed) by 2 or more witnesses. Preparing something online only does not comply.
My father in law passed away (in IL) over thirty days ago. In the original will it stated his home was to be sold and split among the heirs. A couple months prior to his passing he stated he wanted my husband to have the home, which my husband agreed to (it is not paid off). My husbands name was... Read more »
When you state that your husband's name was added to the deed, what exactly do you mean. As a general principle, the will governs the disposition of the decedents property as that property exists at the time of death. If your father-in-law conveyed and properly recorded the deed of conveyance...Read more »
If your Great Aunt died with a will - meaning she died testate - then a copy of the will is on file with the clerk of the court. You should go to the probate clerk and ask to see a copy of the file or the will. This will allow you to read the will for yourself and determine if the "paper"...Read more »
A judge may ethically enter any order that the judge deems appropriate under the circumstances and matters presented to that judge. From the way you phrased your question, it sounds like the judge abused his or her discretion under the circumstances. When a judge orders you to file an appearance,...Read more »
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