Contact Lou Brydges & Associates today online or by telephone at 847.680.6250 to speak with our experienced commercial foreclosure attorneys.
If you are facing commercial foreclosure in Illinois, we can help you explore all available options, including loan modification, foreclosure defense litigation, and bankruptcy.
Our attorneys have significant experience handling real estate law matters for clients throughout Illinois and understand the current real estate market. Remember, even if you are in loan modification negotiations with your lender, they can still foreclose on your property. With experienced legal representation, you may be able to resolve your problem or hold off foreclosure long enough to explore other options.
Commercial debt problems can expose you to a wide range of liabilities. In representing your interests, we will take the necessary steps to protect your business assets, as well as other assets such as bank account and real estate holdings.
Motion to Appoint Receiver
In some cases, a motion to appoint receiver can be granted by the court to give a trusted third party (or receiver) control over the operations of the business. Businesses that are struggling with debt may find a motion to appoint receiver useful, in that the receiver can collect rents and other revenue to pay down debt. The receiver may also be responsible for paying utilities, insurance premiums and overseeing the general upkeep of the property. On the other hand, in some commercial cases, the appointment of a receiver is not in the property owner’s best interest. Establishing the appropriate strategy regarding the appointment of a receiver can be a complex legal matter, but our lawyers can guide you through all stages of the process.