By Andrew R. Schwartz | Published January 22, 2023 | Posted in Bankruptcy | Tagged Tags: citation to discover assets | Comments Off on Effective Use of Citations to Discover Assets in Complex Collection Cases
If someone owes you money but refuses to pay no matter how hard you press them, you must go to court and obtain a judgment to collect your debt. However, even then, some debtors refuse to pay up unless you take enforcement action. Collecting on the judgment requires that you know what assets the debtor Read More
Read MoreA confession of judgment clause may allow a creditor to seek a judgment immediately against the debtor if the debtor fails to pay an obligation. Confession-of-judgment clauses, by which a debtor waives most rights to contest a debt, often appear in contracts, promissory notes, guaranties and other agreements. Signing a confession-of-judgment clause may help a Read More
Read MoreCreditors seeking to execute on debtors’ assets to collect on judgments face legal limits under Illinois law, which lets a debtor claim certain types of property as exempt from enforcement of a judgment, wage deduction order or other collection measure. A creditor’s attorney must conduct a thorough examination of a judgment debtor’s assets to determine Read More
Read MoreYou’ve won a judgment in another state against a person or company who is located in Illinois. That’s the good news. Unfortunately, the judgment debtor probably isn’t too keen on paying you, and probably won’t do so automatically. That means you’ll need to enforce the judgment. Your out-of-state judgment lets you pursue various collection efforts Read More
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