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Illinois Banking Questions & Answers
1 Answer | Asked in Banking for Illinois on
Q: It’s it wrongful repossession if I call the 4 days ahead and told them I lost my job I would like to voluntary repo

After the conversation the non voluntary 4 days after I had to find someone to follow me to take the car back as they requested

James L. Arrasmith
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answered on Apr 21, 2024

Based on the information provided, it does not appear to be a case of wrongful repossession. Here are a few key points:

1. You proactively reached out to the lender 4 days prior to the repossession, informing them of your job loss and your desire to voluntarily surrender the vehicle. This...
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1 Answer | Asked in Estate Planning and Banking for Illinois on
Q: Hi! I’m asking on behalf of my grandfather. His late sister left him money in a CD along with his niece. The bank is

Located in Texas and they are stating that we have to travel to Houston and be there at the same in order to sign documents and dissolve the CD. We are in the dead of winter and my grandfather is not up for travel. Can’t the bank make concessions and complete this virtually or send the proper... View More

James L. Arrasmith
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answered on Feb 5, 2024

Based on the situation you have described, here are a few suggestions that may help:

- Contact the bank and explain your grandfather's health/mobility issues and the challenges of traveling at this time. Politely request if there is any way the bank can accommodate getting the required...
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2 Answers | Asked in Banking, Immigration Law and Tax Law for Illinois on
Q: As an international student, can i convert money from my home country into US dollars and buy crypto on daily basis.

Also, after buying the cryptos, can i trade them back to my home country. And doing such will i face any immigration issues?

Syed Ali Hussain Lahooti
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answered on Jan 21, 2024

Can you do what you are doing from your home country, such as converting your currency into dollars and then converting it back to your country's currency? Being on student status, having a social security number, and a US bank account, and using it to trade crypto—all of these fall under... View More

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2 Answers | Asked in Banking, Immigration Law and Tax Law for Illinois on
Q: As an international student, can i convert money from my home country into US dollars and buy crypto on daily basis.

Also, after buying the cryptos, can i trade them back to my home country. And doing such will i face any immigration issues?

James L. Arrasmith
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answered on Jan 22, 2024

As an international student in the U.S., you are generally allowed to convert money from your home country into U.S. dollars and invest in cryptocurrencies. However, it's important to be aware of several factors. Firstly, ensure that you comply with the foreign exchange regulations of your... View More

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2 Answers | Asked in Bankruptcy, Consumer Law, Banking and Lemon Law for Illinois on
Q: I have a car that I owe more than 10 thousands of dollars that I cannot drive because of numerous mechanical problems.

What are my best options since I cannot afford to pay to fix car and make my loan payments. I live in Loves Park, Illinois.

James L. Arrasmith
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answered on Jan 3, 2024

In your situation with a car that's costly to repair and still under a significant loan, there are a few options to consider. Firstly, check if your car is still under any kind of warranty. If it is, some or all of the repair costs might be covered, reducing your financial burden.

If...
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1 Answer | Asked in Employment Law, Tax Law, Banking and Securities Law for Illinois on
Q: I got stock as bonus, but the stock price dropped. Now I owe tax on original amount but the stock isn't worth to cover.

I received stock in the form of RSU, but at the time it was over $100 a share higher than it is now. Now I'm being taxed off of the original stock amount since it is looked at as a "cash bonus", but even selling the stock I can't raise the capital needed to cover that tax... View More

James L. Arrasmith
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answered on Sep 14, 2023

The taxation of RSUs can be complex, and it's unfortunate that the stock's value has dropped significantly. You're correct that capital losses can often be used to offset capital gains, but there may be limitations on the amount you can deduct in a given tax year. I recommend... View More

1 Answer | Asked in Banking, Civil Litigation, Contracts and Bankruptcy for Illinois on
Q: Can I say I’m going in to bankruptcy during a judgement
James L. Arrasmith
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answered on Mar 2, 2023

Yes, you can declare bankruptcy during a judgement. Filing for bankruptcy can stop or delay the enforcement of a judgment against you, as well as discharge or reduce certain debts. However, it is important to note that there are different types of bankruptcy, and not all debts can be discharged or... View More

1 Answer | Asked in Consumer Law, Banking, Business Formation and Business Law for Illinois on
Q: Is there anything you can do if the lender applies the payment to the principal but does not bring down the balance?
James L. Arrasmith
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answered on Mar 2, 2023

If you believe that your lender has incorrectly applied a payment to the principal without properly bringing down the balance, you should contact your lender directly to discuss the issue and request an explanation. It is possible that there may have been a mistake or a misunderstanding that can be... View More

1 Answer | Asked in Family Law, Banking and Divorce for Illinois on
Q: Can a subpoena be issued for my spouse's credit report? Divorce proceedings are underway.
James L. Arrasmith
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answered on Mar 2, 2023

Yes, a subpoena can be issued for your spouse's credit report during divorce proceedings. However, you will need to have a valid legal reason for requesting the credit report, such as proving financial misconduct or to determine the financial status of your spouse. You should consult with your... View More

1 Answer | Asked in Banking, Civil Litigation, Collections and Consumer Law for Illinois on
Q: Can creditors in illinois, whom have a judgment against me, find my bank accounts through my credit report?

I have a money judgment against from midland for $4000. The case is over, and the court gave them a DEFAULT JUDGMENT. This happend in cook county circuit court. This happened in June 2023. I'm not working now. Midland has not yet filed a citation to discover assets in court, yet.. I... View More

Joel Gary Selik
Joel Gary Selik
answered on Jul 31, 2023

Bank accounts do not generally show in credit reports, only credit cards.

1 Answer | Asked in Criminal Law, Banking, Libel & Slander and White Collar Crime for Illinois on
Q: How can I vacate a plea representing myself?
T. Augustus Claus
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answered on Jul 4, 2023

The motion to vacate the plea would need to demonstrate a valid legal basis, such as new evidence, ineffective assistance of counsel, or a violation of your constitutional rights.

1 Answer | Asked in Criminal Law, Estate Planning, Banking and Federal Crimes for Illinois on
Q: Someone forged my signature in order to collect a TOD account that I was beneficiary to. Bank did not obtain proper I.D.
Michael Goldberg
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Michael Goldberg
answered on May 25, 2023

You may have a claim against the bank for failing to properly ID the person withdrawing the assets. I recommend speaking with a lawyer to discuss your options.

1 Answer | Asked in Estate Planning, Probate, Tax Law and Banking for Illinois on
Q: Is there federal laws for a trust
Anthony M. Avery
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answered on Sep 14, 2022

Tax laws and ERISA Qualification laws come to mind. Banking Statutes also cover Trust Regulation. Securities Law may often be indirectly determinative. There are probably many others. Obviously Anti-Trust Statutes. State Laws control most disputes, but Trusts often involve several possible... View More

1 Answer | Asked in Banking and Business Law for Illinois on
Q: trying to make a determination on corp account escrow or not

We are hiring truck drivers for our company and want to hold $125 week out of their pay (for repairs or abandonment) until they hit $1,000- $3,000k. Would this have to be in a escrow account? The money will be in the account for the duration of their employment.

Demitrus Thomas Evans
Demitrus Thomas Evans
answered on Aug 11, 2022

Corp account escrow or not? Can you provide some details on the issue?

1 Answer | Asked in Banking, Business Law, Consumer Law and Contracts for Illinois on
Q: What does the law 15 usc 1662 b translate to? does it mean that I am not required to put a down payment?
T. J. Jesky
T. J. Jesky
answered on Oct 11, 2021

Short answer: No. The reg states that no advertisement to aid, promote, or assist directly or indirectly any extension of consumer credit may state that a specified down payment, by the creditor who advertises his services.

1 Answer | Asked in Estate Planning, Banking and Probate for Illinois on
Q: RE: illinois unclaimed property of my deceased 2012 mother.

My mother's name is on the Illinois unclaimed property list, by my neglect and procrastination. Must I go through the State of Illinois/Cook County, where she resided and died, to claim this property? I would prefer to go back to the sources (Chase checking account on which I am joint holder;... View More

Steven J. Fromm
Steven J. Fromm
answered on Nov 17, 2020

In most states once assets are escheated (turned over) to the state, that is your exclusive way to recover those assets. You must go to the state as the holders of these assets have turned them over to the state. If your state is anything like PA, this process is very detailed, complex and time... View More

1 Answer | Asked in Banking, Contracts, Small Claims and Probate for Illinois on
Q: How to get letter of administration for wife whose husband died for the mortgage bank, for specific info, letter needed

The lake county clerk’s office said they are not giving those out letters out which is impossible

T. J. Jesky
T. J. Jesky
answered on Nov 16, 2020

A petition, affidavit, consent of the remaining heirs and other papers need to be filed with the Probate Division of the Circuit Court. Once the Probate Judge reviews all of the papers and they are in good order, he/she will make the appointment of independent administer.

1 Answer | Asked in Banking for Illinois on
Q: I bought a truck a month from now and now they wanna take it back cause the bank doesn’t wanna finance the truck

It’s been a month and they are barley telling me this isn’t that like not right ?

George W. Svoboda
George W. Svoboda
answered on Jul 20, 2020

This is a Spot Delivery scam. It is happening more often now. Since a month has gone by, you may be able to force the dealer to finance it themselves. In other states, they only have 10 days for the seller's right to cancel. In IL, you need to read your sales contract for the term. If you... View More

2 Answers | Asked in Banking, Bankruptcy, Business Formation and Business Law for Illinois on
Q: Hello, I am a business owner. I want to know if bankruptcy is an option for me.

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,... View More

Bryan R. Bagdady
Bryan R. Bagdady
answered on May 18, 2020

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... View More

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1 Answer | Asked in Banking and Estate Planning for Illinois on
Q: Can a bank sell a vehicle from an estate sale without entering in the estate auction for everyone to bid?

My mom‘s fiancé recently passed away in September. He had a 2009 Lincoln MKS that I was driving up until two months ago when I took it to the bank for them to put it in the auction with the intention of buying it back. They told me that I had to wait until the auction opened up and bid on the... View More

Charles E. Hutchinson
Charles E. Hutchinson
answered on May 2, 2020

If you turned title to the car over to the bank, then yes - they own the car and can do with it what they want. Unless you have a written agreement with the bank that obligates them to put the car up for auction so you could bid on the vehicle, the bank had no requirement to do that.

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