Illinois, like many other states, requires that when selling residential real estate, you must disclose any issues with the property. Illinois uses a specific disclosure act to govern this, and an exhaustive list of items to disclose, ranging from water leakage in the basement to any number of other material defects. So if you fail to disclose these material defects, can you be held liable in court?
Sometimes individuals have a problem with debt because of out-of-control spending habits, but sometimes debt overwhelms homeowners and others unexpectedly. A shift in the housing market, a job loss, an accident or an extended illness that causes medical bills to pile up — all of these situations can happen without warning, leaving Illinois families struggling under the weight of debt they cannot repay.