The prospect of losing one’s treasured assets is something that sparks fear in the hearts of a lot of people in Illinois. The home you struggled hard to purchase and maintain represents one of the greatest physical legacies you have created. The last thing you want to do is lose it because some unexpected major life event occurs leaving you suddenly in a financial bind and facing bills you can’t handle.
Options may exist for avoiding such a dilemma and to understand what they might be and which might be the best solution for your specific situation, one should always consult with an experienced debt relief attorney.
The threat of asset forfeiture is not something that is unique to those in dire need of help financially. Governments have used it as a weapon for centuries. In its early days it was a means of fighting piracy on the high seas. Today, authorities may leverage asset forfeiture as a strategy to fight alleged crime.
At times, forfeiture can be a factor in both bankruptcy and criminal cases. When these different areas of law intersect the demands of creditors may well compete with those of crime victims seeking compensation – making for a complex legal tangle that requires delicate protect everyone’s rights. That’s to say nothing about the question of whether the government’s seizure is even justified.
Regardless of the elements of your case, if you are facing asset forfeiture such as the loss of a home you have rights. Prosecutors have a duty to pursue their enforcement obligations. Counsel handling bankruptcy have an equal duty to uphold the statutes protecting the interests of clients. To understand your rights and options, consult a skilled attorney.