Elgin, IL Asset Recovery Lawyer
Winning a lawsuit is a critical step toward justice, but it is only half the battle. A court judgment in your favor is a piece of paper; turning that paper into actual, recovered money is a separate and often challenging legal process. This is asset recovery. At The Law Offices of Anthony R. Scifo, we are a true litigation firm. We don’t just win cases for our clients in Elgin—we are relentless in the post-judgment process of finding and seizing assets from those who have caused harm.
Whether you have a judgment resulting from financial exploitation, a breach of contract, or other wrongdoing, our attorneys have a deep understanding of the legal tools required to collect what you are owed. This is a core focus of our elder law litigation practice, and we apply our aggressive strategies to all collection matters. To put a skilled and persistent collections team on your side, call our Elgin office at (847) 628-8311 for a free consultation.
When is Asset Recovery Necessary?
Asset recovery is the essential final step in any successful lawsuit where monetary damages are awarded. Our firm is prepared to enforce judgments and recover funds in a wide variety of situations, including:
- After Power of Attorney Misuse: When an agent who has breached their fiduciary duty is ordered by a court to repay stolen funds.
- Following Caregiver Financial Abuse: After obtaining a judgment against a caregiver who exploited a vulnerable adult.
- In Contested Estates and Trusts: When an heir, executor, or trustee has wrongfully taken assets and must be forced to return them to the estate.
- After a Breach of Contract: When a business or individual has failed to honor a financial agreement and a court has awarded damages.
The Legal Tools We Use to Find and Seize Assets
Once we have a judgment, we can deploy a powerful set of legal tools to discover where a debtor’s assets are and compel them to pay. The Illinois Courts provide a framework for these post-judgment proceedings, which we use to aggressively pursue recovery for our clients.
Citation to Discover Assets
This is the cornerstone of the collection process. We can force the debtor to appear in court, under oath, and provide a full and complete accounting of their financial life. They must disclose information about their employer, bank accounts, real estate, vehicles, and any other property they own.
Wage Garnishment
Once we identify the debtor’s employer through a citation, we can obtain a court order to garnish their wages. This requires their employer to withhold a percentage of their paycheck and send it directly to you until the judgment is satisfied.
Bank Account Levies
We can serve a citation directly on a debtor’s bank, which freezes their accounts. We then petition the court for a “Turnover Order,” which requires the bank to turn over the funds in the account to pay down the judgment.
Property Liens
We can place a judgment lien on any real estate the debtor owns. This lien acts as a cloud on the title, preventing the debtor from selling or refinancing the property without paying off the judgment first.
Overcoming Obstacles to Recovery
Debtors often go to great lengths to hide their assets to avoid paying a judgment. Our attorneys are experienced in uncovering these tactics and holding them accountable.
If a debtor attempts to “sell” or “gift” property to a friend or family member for less than its fair value to shield it from collection, we can file a lawsuit to have this “fraudulent transfer” reversed by the court. Furthermore, a judgment in Illinois is valid for many years and can be revived, meaning we can be persistent. If a debtor’s financial situation improves years down the road, we can be there to enforce your judgment and collect what is yours.
Frequently Asked Questions About Asset Recovery
How do you find out where a debtor works or banks?
Through a Citation to Discover Assets. This is a court proceeding where the debtor is placed under oath and legally required to answer our questions about their finances. Providing false information is perjury, a serious offense.
What if the person who owes money claims they have nothing?
While some debtors truly are “judgment-proof” at a given moment, a judgment is long-lasting. We can monitor their situation and pursue collection in the future if they get a job, inherit property, or their financial circumstances change.
Is the asset recovery process expensive?
We handle many asset recovery cases on a contingency fee basis, meaning we only get paid a percentage of the money we successfully collect for you. There are no upfront attorney’s fees in these arrangements.
Don’t Stop at a Judgment. Let Us Recover What’s Yours.
A court victory without financial recovery is an empty one. The Law Offices of Anthony R. Scifo is committed to seeing our clients’ cases through to the very end—the successful collection of the assets they are rightfully owed.
Call our Elgin office today at (847) 628-8311 for a free consultation to discuss your asset recovery case.