Legal Question in Bankruptcy in Illinois

I defaulted on a loan for property I bought 10 years ago. The bank came after me and froze all my accounts. They also froze a corporation accounts that is my business that I own very little of. I filed chapter 7 I that the law is that if you file they have to release the freeze? I’m not sure what to do to get the freeze of the Business accounts. This money in the accounts is mostly a parents booster organization for kids with special needs.

Asked on 2/26/18, 9:11 am

1 Answer from Attorneys

Joseph Michelotti Michelotti & Associates, Ltd.

You may not owe anything, there is a 10 year statute of limitations. Chapter 7 is probably not a good idea, as you may have to give up all of the money. The charity money in the accounts could be a big issue.

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Answered on 2/26/18, 9:18 am

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