PREMIUM
Mazyar M. Hedayat Esq.

Mazyar M. Hedayat Esq.

M. Hedayat and Associates, P.C.
  • Bankruptcy, Business Law, Divorce...
  • Illinois
Badges
Claimed Lawyer ProfileQ&ALII GoldBlawgsearchSocial Media
Summary

Mazyar M. Hedayat is the principal of M. Hedayat & Associates, PC, a law firm that has represented Clients for nearly 20 years in the areas of commercial law and litigation, bankruptcy law and litigation, real property transactions and litigation, construction law and mechanics liens, corporate law, and more. After attending the University of Chicago and University of Michigan, Mr. Hedayat received his MBA from the U.M. Ross School of Business, and his J.D. from DePaul University College of Law. Mr. Hedayat is a title insurance agent and operated a full-service title company for 6 years. He has held Series 7 and 63 securities licenses, as well as Business Broker's certificate His current and former professional memberships include the Chicago Bar Association, the American Bankruptcy Institute, the American Bar Association, the Will County Bar Association, and DuPage County Bar Associations. While at the DCBA Mr. Hedayat chaired the bankruptcy, publication, and practice management committees, was Editor in Chief of the Bar Brief, and earned a Board of Directors Award. He has also earned various honors including Lawyer of the Year, Bankruptcy Lawyer of the Year, client-service awards. Mr. Hedayat has given CLE presentations concerning bankruptcy, electronic filing, business formation and management, construction, bonding, liens, tax deeds, title issues and other subjects. He has also written dozens of articles, and maintains two blogs. He can be reach on Twitter @mhalaw (bankruptcy law) and @practicehacker (practice management). He can also be found on LinkedIn and Facebook.

Practice Areas
  • Bankruptcy
  • Business Law
  • Divorce
  • Estate Planning
  • Foreclosure Defense
  • Probate
  • Real Estate Law
Fees
  • Free Consultation
  • Credit Cards Accepted
Jurisdictions Admitted to Practice
Illinois
7th Circuit
Languages
  • English: Spoken, Written
  • Farsi: Spoken
Professional Experience
President
- Current
Principal
Law Office of Mazyar M. Hedayat
- Current
Education
University of Michigan - Ann Arbor
MBA / Finance, Corporate Strategy (2000)
DePaul University
J.D. / Law (1995)
University of Michigan - Ann Arbor
B.A. / Philosophy (1987)
Honors: With Distinction; Gold Key National Honors Society.
Awards
Lawyer of the Year
Legal Match
Bankruptcy Lawyer of the Year
Legal Match
Board of Directors Award
DuPage County Bar Association
Lawyer of the Year
Legal Match
Certificate of Appreciation
Independent Assoc. of Quetioned Document Examiners
Professional Associations
Illinois State Bar
Member
Current
American Bar Association
Member
Current
DuPage County Bar Association
Member
Current
Activities: Chair, Bankruptcy Law Committee; Chair, Business Law and Practice; Chair, Law Practice Management; Editor, DCBA Brief (Bar Journal); Member, Real Estate Committee; Court Advisory Cmtee., E-Filing.
Will County Bar Association
Member
Current
Activities: Member, Real Estaste Committee; Member, Civil Practice Committee.
National Business Institute
Member
Current
American Bankruptcy Institute
Member
Current
Speaking Engagements
Bankruptcy and Real Estate Seminars
Lorman Education Insitute
Legal Technology Show, Chicago, IL
American Bar Association
Technology Task Force Symposium
American Bar Association
Lawyers Serving Society Through Technology
American Bar Association
Bankruptcy And Real Estate
Will County Bar Association
Presenter, 2003 Mega-Seminar
DuPage County Bar Association
Websites & Blogs
Website
Mazyar M. Hedayat Website profile
Website
M. Hedayat & Associates Website
Blog
Illinois Business Litigator Blog
Legal Answers
24 Questions Answered

Q. What's the threshold for suing someone in small claims court?
A: The upper limit for Small Claims Court is $15,000 but there is no minimum. I hope this information was helpful. Best of luck.
Q. What is a Condo Board function in transfer money from building insurance to incur damage 3 condo owners ?
A: The Board of your Condominium has duty to all residents/members to ensure that insurance proceeds are applied properly for repairs. Once those repairs have been completed, the Board is responsible to ensure that any applicable warranty is honored. Finally, the Board is also required to prevent the placement of any claims by workers against the Condo Association - i.e. to prevent the placement of a Mechanics Lien. It appears that in this case your Board wants you to agree to certain safeguards before passing on proceeds to you for the repair of common elements or even your own units. You cannot get a fully satisfying answer unless you bring the documents in question to a local Attorney and find out more. Details make a big difference is such situations. I hope that this information has been helpful. Best of luck.
Q. How to request lender take possession of property? Mortgaged property no longer primary care residence.
A: The Short Answer to your question is there is no way to compel a lender to take possession of the property securing your loan. You may ask to arrange for a deed in lieu of foreclosure, but even then the choice is up to the lender. This matter is worth consulting an Attorney in your area and discussing your options. I hope that this information was helpful. Best of luck.
Q. I am buying a pre-existing business - do I need to form my own company to do that?
A: There are 2 primary ways to buy an existing business: (a) Stock Purchase (b) Asset Purchase These are very different ways of buying. In a Stock Purchase you step into the shoes of the existing business, including any negative history or events. In an Asset Purchase you are buying the elements of the business but not the history of the business. In short, an Asset Purchase is safer, but may exclude certain valuable parts of the business. In any case, you do not need to form a new business entity in order to accomplish your goal, although it may well be advisable to form one. To learn more, please consult with a knowledgeable Attorney in your area. I hope this information has been helpful. Best of luck.
Q. My contractor is billing me for more than the estimate - what can I do?
A: Your contractor may not bill you for more than his Estimate without seeking your permission in writing. Such written permission is known as a Change Order and must include an estimate of costs, a description of the work to be done, an estimate of the additional labor, material, resources, and time to be added to the project, etc. In short, a construction project should not contain surprises. If it does, the contractor may be taking advantage of you. I recommend you share your concerns and supporting documents with a competent Construction Lawyer in your area. Feel free to contact our office if we can be of assistance. Best of luck.
Q. In Illinois, can you add a clause to a real estate purchase contract that said contract can be assignable?
A: Yes. You may make your real estate contract assignable in Illinois.
Q. If I plan to issue stock in my company, should I form as a corporation or something else?
A: You wish to issue stock in (i.e. shares of) an enterprise. While this may be accomplished via a corporate format, it is also possible via a limited liability company (LLC), limited partnership (LP) and, in some states, the limited liability partnership (LLP). Ultimately, your choice will depend on how many shares you with to issue, why you wish to issue shares (i.e. to raise capital, to distribute control, etc.), and how loosely or closely you wish to control the entity. A corporation is the most paper and time intensive format, with the LLC generally being the least paperwork intensive. I hope this information was helpful. Best of luck.
Q. What is a subchapter S corporation?
A: A "Subchapter S Corporation" or "S Corporation" is simply an Illinois corporation (or professional corporation) registered under Subchapter S of the IRS Code. You will find instructions here: https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations. To qualify for S corporation status, the corporation must meet the following requirements: Be a domestic corporation Have only allowable shareholders May be individuals, certain trusts, and estates and May not be partnerships, corporations or non-resident alien shareholders Have no more than 100 shareholders Have only one class of stock Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations). In order to become an S corporation, the corporation must submit Form 2553 Election by a Small Business Corporation (PDF) signed by all the shareholders. See the Instructions for Form 2553 (PDF) for all required information and to determine where to file the form.
Q. How do I fight this? I paid a contractor for work done on my house
A: Based on what you've written, you have a cause of action against the Contractor for taking your money and failing to pay his subcontractor. Unfortunately, this does not mean you have a defense to the Subcontractor's Mechanics Lien claim. It is easier to talk it out than address it here. Feel free to contact my office at 630-378-2200 to discuss in more detail. Good luck.
Click here to see all answers
Social Media
Contact & Map
M. Hedayat and Associates, P.C.
1211 W Lakeview Ct
Romeoville, IL 60446
USA
Telephone: (630) 378-2200
Fax: (630) 447-0067