Illinois Citation to Discover Assets is a tool used by lawyers to obtain financial information about potential debtors. It provides a legal mechanism to compel the disclosure of a debtor's assets. The Citation to Discover Assets is an important part of the discovery process in civil litigation in the state of Illinois. The Citation to Discover Assets can be used to identify the debtor's assets and debts, to determine the debtor's financial situation, and to determine the debtor's ability to pay a judgment. There are two types of Illinois Citation to Discover Assets: An Asset Citation and a Debt Citation. An Asset Citation requires a debtor to disclose all assets and their values, while a Debt Citation requires a debtor to disclose all debts and their values. Both types of citations must be served on the debtor by a Sheriff, process server, or certified mail. The Citation to Discover Assets is an important part of a lawyer's arsenal when attempting to collect a judgment against a debtor.
Illinois Citation to Discover assets
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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.
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.
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.
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.
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.
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 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.