Illinois Release and Satisfaction of Judgment is a legal document used in the state of Illinois to record the payment and release of a judgment against a debtor. A Release and Satisfaction of Judgment is generally used when a judgment has been paid in full, and the creditor wants to document the release of the judgment. It is important to note that the release of the judgment does not necessarily release any underlying debt or obligation that the debtor may have to the creditor. The Illinois Release and Satisfaction of Judgment is generally used when an individual has been sued and a judgment has been entered against them. The Release and Satisfaction of Judgment is used to record the payment and release of the judgment, and to release the debtor from any liability stemming from the judgment. There are two types of Illinois Release and Satisfaction of Judgment: partial and full. A partial Release and Satisfaction of Judgment is used when the judgment is partially paid and the creditor is willing to accept a reduced amount. A full Release and Satisfaction of Judgment is used when the judgment is paid in full and the creditor agrees to release the judgment.
Illinois Release and Satisfaction of Judgment
Description
How to fill out Illinois Release And Satisfaction Of Judgment?
If you’re looking for a way to properly prepare the Illinois Release and Satisfaction of Judgment without hiring a lawyer, then you’re just in the right place. US Legal Forms has proven itself as the most extensive and reliable library of official templates for every individual and business situation. Every piece of paperwork you find on our online service is created in accordance with nationwide and state laws, so you can be certain that your documents are in order.
Adhere to these simple guidelines on how to acquire the ready-to-use Illinois Release and Satisfaction of Judgment:
- Make sure the document you see on the page corresponds with your legal situation and state laws by checking its text description or looking through the Preview mode.
- Type in the form name in the Search tab on the top of the page and choose your state from the list to locate an alternative template in case of any inconsistencies.
- Repeat with the content check and click Buy now when you are confident with the paperwork compliance with all the requirements.
- ​Log in to your account and click Download. Sign up for the service and select the subscription plan if you still don’t have one.
- Use your credit card or the PayPal option to purchase your US Legal Forms subscription. The document will be available to download right after.
- Choose in what format you want to save your Illinois Release and Satisfaction of Judgment and download it by clicking the appropriate button.
- Import your template to an online editor to complete and sign it quickly or print it out to prepare your paper copy manually.
Another great thing about US Legal Forms is that you never lose the paperwork you acquired - you can find any of your downloaded blanks in the My Forms tab of your profile any time you need it.
Form popularity
FAQ
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.
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.
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
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.
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.
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.