Chicago, IL (PRWEB) November 06, 2012
To help people with financial problems and who are dealing with creditors in Illinois, Chicago bankruptcy lawyer and financial rescue expert Richard G. Fonfrias, J.D., of the Fonfrias Law Group, LLC, has added an informative new article to his law practices website (http://www.chicagomoneylawyer.com), entitled How to Defend Yourself in a Citation to Learn Assets.
In his new article, Fonfrias, a leading Illinois bankruptcy attorney, clarifies in plain language exactly what a Citation to Learn Assets is and how it can adversely affect anyone who owes money to creditors. The article discusses in depth how a citation works and goes on to clarify in detail how the process proceeds and its many possible outcomes. Fonfrias provides helpful information, including how Illinois law protects some income and property from creditors, and offers advice, including what to do if a creditor gets a judgment against you and what to do if you receive a Wage Deduction Notice.
A Citation to Learn Assets is issued after a creditor sues for money and wins. Following the judgment, the creditor may try to collect by requiring the debtor to appear before the court for a Citation to Learn Assets, states Fonfrias. During this proceeding, the creditor wants to learn the debtors income and the value of property that can be seized to collect for money owed. At the hearing, the court may require certain financial documents including tax returns, bank statements, and payroll stubs. The Citation to Learn Assets makes an automatic lien on all nonexempt property. If the defendants bank is served with a Citation to Learn Assets, then the bank must freeze all of his accounts unless the funds are exempt. Illinois law does protect some income and property, and if during the hearing it is determined the debtors income and property are exempt under Illinois law, then the Citation to Learn Assets is dismissed and the creditor will get nothing. But, should the judgment go to the creditor, there are serious implications. It is extremely vital to know your rights, when dealing with creditors and the court. In the How to Defend Yourself in a Citation to Learn Assets article, I outline the steps to follow during the court hearing and clarify the potential consequences of a judgment against you could be, says Fonfrias.
The Citation to Learn Assets article is just one of dozens of educational guides and essays provided by Fonfrias on his web site that offers value information on a wide range of legal topics, including bankruptcy, foreclosure, debt consolidation, and loan modification. At my Chicago law practice I have helped thousands of clients over the years and know that many find themselves in serious legal and financial difficulties due to misinformation or terrible advice. This is why I feel it so vital to educate the public and provide as much information as possible; through my website, my monthly radio show and my free informational seminars, so that people are equipped to make the right choices when it comes to protecting their finances, states Fonfrias.
Contact Information:
Richard G. Fonfrias, J.D.
Fonfrias Law Group, LLC
First National Plaza
70 West Madison, Suite 1400
Chicago IL 60602
Phone: 312-969-0730
rich(at)chicagomoneylawyer(dot)com
http://www.chicagomoneylawyer.com
About Fonfrias Law Group: Chicago Money Lawyer Richard Fonfrias of the Fonfrias Law Group has built a solid reputation helping clients in serious financial distress find the right solution to their money problems. Serving Illinois, California and Florida, the Fonfrias Law Groups dedicated financial rescue and bankruptcy team offer extensive financial legal services, including bankruptcy defense, tax defense, debt consolidation, terrible credit repair, foreclosure defense, credit card debt management, loan and mortgage refinancing advice. For more information call 312-969-0730 or visit http://www.chicagomoneylawyer.com.
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