Illinois Citation to Discover Assets is a legal tool used by creditors to locate and recover assets owned by debtors who have defaulted on their debt obligations. Creditors may file this motion in Illinois state court to issue a court order for debtors to appear in court and produce documents that reveal their financial assets. The court order will direct the debtors to appear and provide information regarding their financial assets, including bank accounts, real estate, income, investments, and other financial records. The goal of the court order is to help creditors locate the debtor’s assets in order to recover the debt that is owed. There are two different types of Illinois Citation to Discover Assets: a Motion for Citation to Discover Assets and an Order of Citation to Discover Assets. The Motion for Citation to Discover Assets is filed by the creditor and requests the court to issue an order that requires the debtor to reveal their financial assets. The Order of Citation to Discover Assets is issued by the court and directs the debtor to produce documents and appear before the court to provide information on their assets.
Illinois Citation to Discover Assets
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FAQ
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.
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.
Step 1: File your forms with the Circuit Clerk in the county where the court case is filed. o Call the Circuit Clerk for a court date, time, and courtroom number for your Citation to Discover Assets to Debtor. This is the time and place where the debtor will show up to answer the questions.
A person who owes a debt is called a "debtor." The person who they owe the debt to is called the "creditor." A Citation to Discover Assets allows the creditor to find out what money, property, and wages a debtor has for the creditor to collect the debt.
A Citation to Discover Assets to Debtor's Bank is a court document that tells the bank to answer questions about the debtor's property and income.
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.
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).
A wage garnishment or a third party citation requires you, the employer, to pay the creditor directly out of the employee's wages if they earn enough money. A wage garnishment starts with a wage deduction summons or a third party citation. The creditor sends this document to you, along with interrogatories.