No bad commercial loan has ever been made, but over time they may go bad. Borrowers go out of business. The statistics do not lie about how many businesses fail in America. That’s just the game. The best thing to do with certain substandard risk is insure against future loss, but it is the Bank’s business judgment on how best to do it. We happen to think efficient legal action to liquidate the collateral is the safest and soundest decision.
The Price quote is for a confession of judgment against one debtor and includes the additional cost of hiring another attorney to confess judgment against the debtor. In Illinois, the statute provides that a lender may confess judgment against a borrower for a commercial loan. We have done the procedure numerous times. This flat fee does not include enforcement of judgment procedures, but we have done that numerous times as well and are working on refining a flat fee offering for the same.
This is a ‘plain vanilla’ suit to confess judgment, which means that it assumes the borrower does not fight at all and the required procedure through judgment is followed and not upset by any other interested parties. Budget letters for more complex matters may be made by request by emailing Tom Howard directly: Email Link Here.
Costs of suit, or other costs, such as service of process, and mileage, are not included.
This product starts the automated process under continuous development by the Collateral Base. We work to streamline and simplify the bank litigation process to the extent that it can be in situations where cases have no interested parties, or defendants, that upset the statutory rubric required for satisfying the due process of law of judicially required in Illinois.
This product is NOT available for Cook County, and currently is only available to financial institutions within 100 miles of our main office in Peoria, Illinois. No attorney client relationship is formed by selecting and checking out with this product. All attorney client relationships arising from reserving this procedure shall be governed by an engagement letter that arises from requesting the service of this procedure.