(photo credit: www.dreamstime.com; Google images (visited 11.26.14) In earlier posts, I’ve discussed how time-consuming and frustrating it can be to collect on a money judgment. The primary creditor enforcement methods include freezing the debtor’s bank accounts, garnishing his wages, and liening his real estate by recording the judgment in the county where his land is located. Recording a lien against a debtor’s …
Category Archives: Post-judgment – Collections
The Illinois Fraudulent Transfer Act – An Illinois Case Note
Heartland Bank v. Goers, 2013 IL App (3d) 12084-U illustrates the procedural and substantive hurdles a creditor’s counsel must clear to enforce a judgment against a guarantor who transfers his personal assets into a trust. The plaintiff bank in sued the defendant for breach of a commercial guarantee after defendant’s company defaulted on a $650,000 loan. The bank obtained …
Continue reading “The Illinois Fraudulent Transfer Act – An Illinois Case Note”
Illinois ‘Reverse Piercing’ Law: Can You or Can’t You?
“Reverse piercing” involves the creditor of an individual shareholder attempting to reach assets of a corporation operated by that shareholder. Illinois reverse-piercing law is unsettled. Some cases allow the remedy; others don’t. When it is allowed, it usually involves a one-person corporation. In Fish v. Hennessy, 2013 WL 577012 (N.D.Ill 2013), the Northern District rejected a creditor’s …
Continue reading “Illinois ‘Reverse Piercing’ Law: Can You or Can’t You?”