Illinois Citation To Discover assets is a legal procedure used to obtain information about a person or entity's assets. It is used as part of the discovery process during civil litigation and is available to all litigants in the state of Illinois. There are two main types of Illinois Citation To Discover assets: 1) Personal Citation To Discover Assets: Personal Citation To Discover Assets is a court order issued to an individual or business to produce documents related to their assets. This includes bank accounts, real estate, vehicles, investments, and other financial records. 2) Corporate Citation To Discover Assets: Corporate Citation To Discover Assets is a court order issued to a company or other business entity to produce documents related to their assets. This includes corporate records, financial statements, stock ownership records, and other documents. The purpose of Illinois Citation To Discover assets is to help parties identify any assets of interest to the litigation. The process involves filing a motion with the court to issue a citation to the person or business, who must then provide the requested documents. The documents are then reviewed by both parties and used as evidence in the case.
Illinois Citation To Discover assets
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To obtain a charging order, the creditor files an application or motion with the Court (?Motion for Charging Order?) and requests a charging order on the LLC member's interest in the LLC. The Motion is served on the debtor by regular mail and the creditor does not have to name the LLC as a party defendant.
A few ways include taking money from the debtor's bank account or garnishing the debtor's wages. Sometimes, the creditor doesn't know where the debtor works or where they have a bank account. Then, the creditor can use a Citation to Discover Assets to find out this information.
In Illinois, an unpaid judgment can become a lien on real estate. A judgment lien allows a creditor to force a sale of property owned by the debtor (you).
Illinois law governs the enforcement and resurrection of judgments. Under Illinois law, judgments have an enforcement time limit of seven years from the date of their entry.
These are the major exemptions under Illinois law: Wages (exempt in part) ? 85 percent of an individual debtor's wages are exempt.Certain retirement funds ? Pension and individual retirement account (IRA) funds and individual retirement annuities are fully exempt from collections.
You do this by filing a record of the judgment with the recorder of deeds in your county. This creates the lien, which applies to all property owned by the judgment debtor in that county. The document you file is called a Memorandum of Judgment.
If you have won a judgment for money against your debtor, you can file a citation to discover assets to a third party....The summons must be given to the third party by: The sheriff; or. Certified or registered mail. Restricted delivery if to an individual.