Illinois Citation To Discover Assets To Third Party is a legal procedure used in Illinois to discover assets of a third party. This procedure involves issuing a citation to the third party so that the party can be legally required to appear in court and answer questions regarding their assets. The citation can be issued by either the court or the party in interest. The purpose of the citation is to allow the court to determine if the third party has any assets that can be used to satisfy a judgment. There are two types of Illinois Citation To Discover Assets To Third Party: interrogatory and deposition. An interrogatory citation requires the third party to answer written questions regarding the assets they possess. A deposition citation requires the third party to appear in court and answer questions under oath.
Illinois Citation To Discover assets To Third Party
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The Illinois homestead exemption allows homeowners to exempt up to $15,000 of equity ($30,000 for married couples) from collection attempts from creditors, potentially preventing the seizure, foreclosure, and sale of their home.
A Citation to Discover Assets to Debtor's Employer is commonly known as a wage deduction or garnishment. It is a court document that tells the employer to answer questions about the debtor's wages.
What is a Citation to Discover Assets to Debtor's Bank? 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).
Illinois Law permits a unique means of holding title to a married couple's residential property. When legal title to a residence is held as "Tenants by the Entirety", the residence cannot be attached by creditors, making this an attractive "asset protection device" for business owners.
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.
The Exemption for Homesteads If the equity interest in the primary home is less than the exemption amount in Illinois, the Homestead Exemption prevents the primary home from being sold to fulfill the lien. The exemption is worth $15,000 for a single individual and $30,000 for a married couple who jointly own the house.