Legal Question in Business Law in Illinois

Re: Prosecution

If the document says that the other party is accepting your assets as full and final payment of the debt, then what other action can be taken? You owed a debt, you made arrangements to pay the debt that were accepted by the other party, so the debt will be considered paid; therefore, there is no cause of action that the other party could bring, unless you've done something else to them that isn't covered by the document you've signed. Hope that helps you.

Re: Prosecution

If you are concerned with a criminal prosecution by the State, you can be prosecuted even if you paid restitution.

Re: Prosecution

I am confused by your use of the term prosecuted. If you committed a crime and doing so caused the debt such as bouncing a check, the states attorney is not bound by an agreement you may have made with the creditor.