A Citation to Discover Assets becomes relevant when a judgment has been placed against you or your entity in Illinois. A Citation to Discover Assets is essentially an interview process designed to see which assets can be frozen or levied to satisfy a creditor's judgment.
A Rule to Show Cause is a court order, which orders a debtor to be present at the court hearing. If the debtor ignores this court order, they will be placed in contempt of court. Contempt of court likely will include jail time and a possibly a civil fine.
There are several exemptions debtors can exercise in Illinois. Personal exemptions deal with art work, furniture, and bank accounts. In 2010, a debtor can claim a $4,000 exemption for personal property. Thus, a husband and wife that have a judgment may claim $8,000 as a personal property exemption. The homestead exemption is $15,000 in Illinois. A homestead exemption is when a person gets to claim their house as exempt from creditor claims up to the first $15,000 in equity. Hence, your mortgage company must get paid first, than any other liens must get paid prior to the creditor getting paid.
Sean Robertson is an estate, asset protection, and business planning attorney concentrating in wills, trusts, citation to discover assets, rule to show cause, breach of contract cases, and medical malpractice lawsuits involving individuals and entities. Robertson Law Group, LLC works with physicians, surgeons, nurses, builders, construction owners, self-employed individuals, corporate executives, and police officers for their asset protection legal needs.
Sean Robertson can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com. Check out our website at www.RobertsonLawGroup.com.
Key words: Naperville, Westmont, Hinsdale, Dupage County, Western Suburbs, Lawsuit protection, asset preservation and protection, inheritance law, wills, trusts, powers of attorney (healthcare), and estate planning.