This is a form of a Partial Release of Judgment Lien.
A Hawaii Partial Release of Judgment Lien refers to a legal document filed by a judgment creditor to release a portion of a judgment lien placed on a debtor's property. This release is requested when the debtor has made a partial payment towards the judgment, reducing the amount owed. By obtaining a partial release, the debtor can regain ownership or sell a portion of their property, subject to the remaining judgment lien. In Hawaii, different types of Partial Release of Judgment Liens include: 1. Voluntary Partial Release of Judgment Lien: This type of release is initiated by the judgment creditor when the debtor has made a partial payment towards the judgment amount. The creditor voluntarily releases a portion of the lien, allowing the debtor to regain ownership rights over their property, sell it, or use it as collateral for other purposes. 2. Court Ordered Partial Release of Judgment Lien: In some cases, a court may order a partial release of the judgment lien based on specific circumstances. For example, if the debtor provides evidence that a portion of the property is essential for their livelihood or to repay other debts, the court may grant a partial release. 3. Negotiated Partial Release of Judgment Lien: This occurs when the judgment creditor and debtor come to an agreement outside of court to release a part of the judgment lien. Typically, this negotiation is driven by the debtor's ability to show payment capability or the value of the subject property. 4. Application for Partial Release of Judgment Lien: A debtor can file an application with the court, requesting a partial release due to a substantial change in circumstances, such as financial hardship or inability to sell the property with the existing lien. The court will review the application and determine if criteria for a partial release have been met. 5. Partial Release of Judgment Lien Benchmarks: Hawaii law dictates specific benchmarks for the partial release of judgment liens. For instance, a judgment lien may be partially released if the debtor can demonstrate that the remaining value of the judgment lien still secures the judgment debt in full, or if the judgment creditor consents to the release due to substantial payment. It is crucial for debtors and creditors in Hawaii to understand the various types and procedures of applying for a Partial Release of Judgment Lien in order to seek resolution or regain control over tangible assets. Proper knowledge of Hawaii's laws and filing requirements is essential to navigate the process effectively.
