Legal Question in Real Estate Law in Illinois
What can I do to get rid of the motel and walk away to semi-retirement. I am behind on all of expenses.
Asked on 1/28/14, 2:05 pm
1 Answer from Attorneys
Henry Repay
Law Offices of Henry Repay
You are not providing much information. Is there equity in the property such that it can be sold outright? If not, can it be leased to another party to operate it and cover your expenses? If the loan balance is too high, have you approached the lender to explore options? Do you have bills that would warrant a bankruptcy? Do you have a retirement fund of some sort that clearly qualifies as exempt from attachment? Do you have other assets which may create a concern for attachment? A consultation with an attorney would serve you better than trying to cover your circumstances within a space like this.
Answered on 1/28/14, 2:24 pm