An Illinois Release (Satisfaction) Of Judgment is a legal document that is used in the state of Illinois to discharge a judgment that has been recorded in the Circuit Court. This document is typically used when the judgment has been paid in full, and the creditor wishes to have the court’s record reflect that the debt has been satisfied. There are two types of Illinois Release (Satisfaction) Of Judgment, including a Release of Judgment by Clerk and a Release of Judgment by Creditor. The Release of Judgment by Clerk is issued by the court clerk upon the request of the creditor and is used to notify the court that the judgment has been satisfied. The Release of Judgment by Creditor is issued by the creditor and is used to inform the court that the debt has been paid in full. In both instances, the release will be filed with the court and become part of the court’s record.
Illinois Release (Satisfaction) Of Judgment
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How to fill out Illinois Release (Satisfaction) Of Judgment?
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FAQ
A judgment stays on your credit report for seven years, although in some cases ? such as bankruptcy ? the judgment can stay for as long as 10 years, and it does not matter what type of loan the judgment relates to: a car loan, a student loan, unpaid credit card debt, a personal loan, a cosigned loan, etc.
Illinois law provides ?a judgment may be revived by filing a petition to revive the judgment in the 7th year after its entry, or in the 7th year after its last revival, or in the 20th year after its entry, or at any other time within 20 years after its entry if the judgment becomes dormant and by serving the petition
The lien remains in effect for 7 years, even if the creditor does not force a sale. This means that you probably cannot sell the real estate during this time because a buyer would want you to pay the judgment in full before agreeing to purchase the property.
Judgments, unless they fall into an exception below, live in 7 year installments. But with the right timing, a judgment can be enforced for 27 years. After a judgment is entered, the person who is owed the money, called the "creditor," can enforce the judgment for 7 years.
Tells the court and others that a judgment has been paid in full or in part. Can be recorded with a county to release a lien against the judgment debtor's land or filed with the Secretary of State to release a lien against the debtor's personal property.
Illinois law governs the enforcement and resurrection of judgments. Under Illinois law, judgments have an enforcement time limit of seven years from the date of their entry.
Satisfaction and release is the formal paperwork stating that a consumer has paid the full amount owed under a court judgment. A satisfaction and release proves that they have paid their debt and prevents creditors from trying to recover more money from them.