Arkansas Partial Release of Judgment Lien is a legal process that allows a creditor to release a portion of a judgment lien placed on a debtor's property. A judgment lien is typically created when a creditor obtains a court judgment against a debtor, which can attach to the debtor's real estate or personal property. However, in some cases, a debtor may want to sell or refinance their property, but the judgment lien creates a hindrance. In such situations, a partial release can be sought. A partial release of a judgment lien in Arkansas allows a debtor to clear a specific portion of their property from the encumbrance of a judgment lien, providing leverage to resolve the outstanding debt. This process helps debtors by granting them the ability to sell or refinance the released portion of the property without compromising the creditor's rights to the remaining portion. Different types of Arkansas Partial Release of Judgment Lien may include: 1. Percentage Release: This type of partial release allows a debtor to release a specific percentage of the judgment lien attached to their property. For example, if a judgment lien is worth $100,000, the debtor may seek a 50% release, resulting in a decreased encumbrance of $50,000. 2. Dollar Amount Release: In this scenario, the debtor can request a partial release of the judgment lien by specifying a specific dollar amount. For instance, if the debtor wants to release $25,000 worth of the judgment lien, it will enable them to use that amount to sell, refinance, or otherwise encumber their property. 3. Property Exception Release: Sometimes, a debtor may wish to specifically exempt a particular property from the encumbrance of the judgment lien. This can occur when the property is necessary for daily living or holds sentimental value. By applying for a partial release, the debtor can continue to enjoy the exempted property while complying with the original judgment. Arkansas Partial Release of Judgment Lien provides a solution for debtors burdened by judgment liens, enabling them to take necessary actions without completely dismantling the creditor's rights. It provides a fair compromise, giving debtors the freedom to utilize their assets while continuing to address their financial obligations. By understanding the different types of releases available, debtors can craft a tailored approach that aligns with their unique circumstances.
Arkansas Partial Release of Judgment Lien
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And some states also allow judgment liens on the debtor's personal property -- things like jewelry, art, antiques, and other valuables. In Arkansas, a judgment lien can be attached to real estate only (such as a house, condo, or land).
In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt. (see Arkansas bankruptcy exemptions) Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors in chapter 13.
A Judgment only lasts for 10 years unless, ing to the Arkansas Supreme Court, the creditor files a post-judgment writ, which then re-news the 10-year period. Traditionally, if a creditor wishes to re-new the original judgment, he must petition the court for a revival of the judgment.
A collection lawsuit submits the issue to a judge who decides whether you owe money to the creditor and, if so, the exact amount due. A judgment is the court's final decision as to the outcome of litigation. This signals the end of the case and provides the last word on liability.
If you don't make your payments on that debt, the creditor may be able to take and sell the home or the property, during or after the bankruptcy case. There are several ways that you can keep collateral or mortgaged property after you file bankruptcy.
If you have trouble collecting the money that the judge has found you are entitled to, there are two possible causes of action available to you: a writ of garnishment and a writ of execution. The writ of garnishment of wages will order an employer to take out a certain amount from the defendant's paycheck.
