Illinois Release and Satisfaction Of Judgment is a legal document used in Illinois when a judgment creditor agrees to end their claim against a judgment debtor. This document, also known as a Satisfaction and Release of Judgment, is usually signed by the judgment creditor and filed with the court that issued the judgment. There are two types of Illinois Release and Satisfaction of Judgment documents: Partial Satisfaction and Release of Judgment and General Release and Satisfaction of Judgment. A Partial Satisfaction and Release of Judgment is used when a judgment creditor agrees to accept a partial payment in exchange for ending their claim against the judgment debtor. A General Release and Satisfaction of Judgment is used when a judgment creditor agrees to completely release their claim against the judgment debtor, even if only a partial payment was made.
Illinois Release and Satisfaction Of Judgment
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FAQ
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.
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.
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.
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.
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.
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.
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.