What happens after a citation to discover assets?
What happens after a citation to discover assets?
Once a Citation to Discover Assets is issued, a lien is automatically placed on all of your nonexempt property. This means you cannot make or allow any transfers of your nonexempt property. If you do, you may be subject to court penalties for failing to obey the citation.
What are third party citation to discover assets?
If you have won a judgment for money against your debtor , you can file a citation to discover assets to a third party. This lets you collect money by taking the debtor’s property that is held by a third party, such as a bank.
What is a third party citation?
A: You got a “third party” citation to discover assets. As the name suggests, it’s directed to a third party, outside the basic court case between plaintiff and defendant. The creditor who got a judgment in that case is trying to collect by intercepting money that you may owe the debtor.
How do I collect on a Judgement in Illinois?
Enforcement proceedings (also known as collection actions) to collect judgments are governed primarily by 735 ILCS 5/2-1402. This statute provides three main tools for enforcing and collecting judgments: (1) the Citation to Discover Assets; (2) wage garnishment proceedings; and (3) non-wage garnishment proceedings.
What does Citation to discover assets mean?
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 notice?
n. 1) a notice to appear in court due to the probable commission of a minor crime such as a traffic violation, failure to keep a dog on a leash, drinking liquor in a park where prohibited, letting a dog loose without a leash, and in some states for possession of a small amount of marijuana.