Citation to Discover Assets Reveals the
Your Money and Property: What You Should Do Next
Richard Fonfrias, J.D.
Chicago’s Financial Rescue
& Bankruptcy Lawyer
Fonfrias Law Group, LLC
If a creditor gets a judgment against you and learns where you have money and property during a Citation to Discover Assets hearing, you should consider
- Paying the creditor the amount you owe. At that time, make sure the judgment creditor signs a Satisfaction and Release of Judgment. Then file this form at the Court Clerk’s office. This signals potential creditors that you paid the judgment in full. And keep a copy for your records. If the creditor doesn’t sign the form – or refuses to sign the form – file a motion asking the judge to sign the release. The Court Clerk’s office will explain how.
- Setting up an installment plan to pay the creditor the amount you owe. Put your proposed payment plan in writing and see if the judgment creditor will agree to your plan. If so, this may save a great deal of time and effort starting a wage garnishment proceeding or other legal action against you.
If the creditor doesn’t agree to your plan, then file a motion asking the judge to approve your installment plan. If the judge approves your plan, he may stop all other collection efforts against you while you make the payments. A court-ordered payment plan must be paid off within three years. Don’t propose an installment plan unless you’re sure you can make the payments on time.