Illinois Satisfaction of Judgment is a legal document filed by creditors in the state of Illinois in order to release a debtor from any remaining financial obligations. This document is usually filed after a court judgment has been entered against a debtor, and the creditor has received payment in full. There are two types of Illinois Satisfaction of Judgment. The first is the Voluntary Satisfaction of Judgment, which is filed by the creditor when the debtor has paid off the debt in full. The second is the Court Ordered Satisfaction of Judgment, which is filed by the court when the debtor has paid off the debt in full after a judgment was entered against them. Both types of Satisfaction of Judgment will release the debtor from any further financial obligations they may have to the creditor.
Illinois Satisfaction of Judgment
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How to fill out Illinois Satisfaction Of Judgment?
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FAQ
A satisfaction of judgment is a document signed by a judgment creditor and generally filed with the court, indicating that a judgment has been paid in full.
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.
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.
If the debtor still doesn't pay, then the creditor can come back to court to collect the money. There are several ways for the creditor to collect the money from the debtor. A few ways include taking money from the debtor's bank account or garnishing the debtor's wages.
A Release and Satisfaction is a document stating that the judgment has been fully paid. This is also known as a Satisfaction of Judgment. The plaintiff must sign the document and you must then file with the circuit court clerk. Note: There are separate and more detailed rules for judgments involving child support.
A judgment is a court order that is the decision in a lawsuit. If a judgment is entered against you, a debt collector will have stronger tools, like garnishment, to collect the debt.
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.
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.