Legal Question in Real Estate Law in Illinois

Protecting Property in a trust

I am in the process of purchasing a condo. I have a pending lawsuit in Cook County (law division) for $80,000. If I should lose this case in the future can they take this condo if there is no equity built up in the house? How can I protect this condo.


Asked on 1/21/09, 5:15 pm

2 Answers from Attorneys
Gregory Turza Law Offices of Gregory P Turza

Re: Protecting Property in a trust

If you are married and the condo is your primary personal residence then there may be a convenient way to protect it.

If there is not equity the creditor won't want your condo.

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Answered on 1/21/09, 7:11 pm
Charles Dobra Charles Wm. Dobra, Ltd.

Re: Protecting Property in a trust

How much is the condo? I can only assume at this point that it is around $80k as well. So, off shore solutions may not be feasible.

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Answered on 1/21/09, 9:01 pm


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