Chicago, Illinois (PRWEB) July 13, 2013
To assist people in financial distress; dealing with creditors or with other serious money problems, Chicago bankruptcy lawyer and financial rescue expert Richard G. Fonfrias, J.D., of the Fonfrias Law Group, LLC, has added an informative new article, entitled Tax Sales: Buying & Redeeming Real Estate For The Delinquent Property Taxes, to his Chicago law practices website (http://www.chicagomoneylawyer.com).
In his new article, Fonfrias, a leading Illinois bankruptcy lawyer, explains in laymans terms exactly what a tax sale is and how Cook County, Illinois collects delinquent property taxes through the sale of property liens. The article discusses in depth the ins and outs of purchasing and redeeming real estate for delinquent property taxes.
Legally, property taxes are a lien against real estate and tax sales are one way the county enforces the collection of property taxes, explains Fonfrias. If taxes are not paid by the due date, the county deems the taxes delinquent. Except in certain circumstances, the property owner must pay an interest penalty of one and one-half percent on the amount due for each month or part month that the payment is late. This interest penalty continues until the taxes are paid or the property is forfeited. If the property owner does not pay the taxes, the county will begin collection action in circuit court. The county collector lists all delinquent parcels and other necessary information in the Annual Tax Judgment, Sale, Redemption, and Forfeiture Record, continues Fonfrias.
The article goes on to describe how the annual tax sale works; covering potential outcomes and the next steps taken if property taxes are not paid or the lien on the property is not sold. Other topics covered in the article include, the sale of forfeited liens, scavenger sales, when to redeem properties sold for delinquent taxes, how much must be paid to redeem a property and tax deed proceedings.
The sales tax article on buying & redeeming real estate for the delinquent property taxes is just one of a series of educational articles and guides offered by Fonfrias on his website. The Fonfrias site provides vital information on a broad range of financial and legal topics, including bankruptcy, foreclosure, tax issues, debt solutions and loan modification. I try to provide as much information as possible on my website to educate the public on legal and financial matters, because I believe that a good consumer is an informed consumer. At my Chicago law practice we often see clients who have gotten into serious legal and financial difficulties because they didnt understand the law. Through my website, monthly radio shows and free informational seminars, I try to help people make the right choices, by providing them with the information they need in order to make the right decisions and protect their assets.
Richard G. Fonfrias, J.D.
Fonfrias Law Group, LLC
First National Plaza
70 West Madison, Suite 1400
Chicago IL 60602
About Fonfrias Law Group: Chicagos financial rescue and bankruptcy lawyer Richard Fonfrias of Fonfrias Law Group is ready to assist those struggling with debt and Illinois homeowners in financial distress. Fonfrias Law Group provides bankruptcy services, tax defense, debt consolidation, bad credit repair, foreclosure defense, credit card debt management, loan and mortgage refinancing advice. To find out how one of Chicagos top bankruptcy lawyers can help you, call 312-969-0730 or inquire online. http://www.chicagomoneylawyer.com