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Reviving dormant judgments in Illinois

Do you recall the height of the Great Recession when banks obtained judgments against debtors daily? What did you do when judgment was entered against your borrower/guarantor? Did you proceed to supplementary proceedings? Were citations to discover assets issued either directly to the debtor or a third party? Was a memorandum of judgment recorded? Was a credit report run and asset search performed? Have you searched the bankruptcy docket? If you are a banker or an attorney representing banks, now is an excellent time to revisit your drawer or spreadsheet of judgments to see if they are worth more than the paper they are printed on. More…