Illinois Citation to Discover Assets to a Third Party is a legal document that is served by a creditor or other party to a third party who holds assets of a debtor or another person who owes money. This document is used to discover any assets held by the third party that can be used to satisfy a debt owed by the debtor. It is also known as a garnishment or levy. The types of Illinois Citation to Discover Assets to a Third Party include bank account garnishment, asset levy, and wage garnishment. Bank account garnishment means that the court will order a financial institution to freeze a debtor's bank account, so all money deposited in it can be used to pay a debt. Asset levy is when a court order allows a creditor or other party to seize an asset of the debtor or other party and turn it over to the creditor. Wage garnishment is when a court order allows a creditor or other party to take a portion of a debtor's paycheck to pay a debt.
Illinois Citation to Discover assets to a Third Party
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FAQ
Collecting a judgment in Illinois typically involves several steps, including issuing a Citation to Discover Assets. After obtaining a judgment in your favor, you can initiate the citation process to find the debtor's assets. It’s essential to follow legal procedures and deadlines strictly. For those unfamiliar with the process, platforms like USLegalForms can provide valuable resources and documentation to ensure compliance and effective judgment collection.
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).
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.
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.
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.