Illinois Citation To Discover Assets-Income and Asset Form is a legal document used by creditors in the state of Illinois to declare their right to collect a debt owed to them by a debtor. This form is used to establish the creditor's right to collect the debt and to request financial information from the debtor, such as income, assets, or property that can be used to satisfy the debt. This form is also known as a "Citation to Discover Assets and Income" or a "CITY." There are two types of Illinois Citation To Discover Assets-Income and Asset Form: a summons and a subpoena. The summons requires the debtor to appear in court, while the subpoena allows the creditor to gather financial information without the debtor appearing in court.
Illinois Citation To Discover assets-Income and asset Form
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Citation To Discover assets-Income and asset Form
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A Citation to discover assets in Illinois is a legal document used to compel a debtor to disclose their assets. This citation allows creditors to gather necessary information on a debtor's financial status for the purpose of enforcing a judgment. The issuer must complete the Illinois Citation To Discover assets-Income and asset Form to properly initiate this process. It serves as a critical measure for creditors seeking recovery.
A citation to discover assets is a legal proceeding in which a creditor attempts to collect on a debt from a debtor. The citation is served upon the debtor and requires the debtor to appear at a hearing where the creditor can inquire about the debtor's assets and income.
What is a Citation to Discover Assets to Debtor? A Citation to Discover Assets to Debtor is a court document requiring the debtor to come to court and answer questions about their property and income. Then, the judgment creditor can try to get that property or income to pay the judgment, if it is not protected by law.
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).
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.
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.
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.
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.