Illinois Abstract of Judgment is a legal document that serves as evidence of a judgment decreed by a court in Illinois. It acts as a lien on property owned by the judgment debtor and serves to protect the rights of the judgment creditor. The Abstract of Judgment contains detailed information about the judgment, including the parties involved, the amount of money owed, the date of the judgment, and any interest or costs associated with it. It provides a clear record of the judgment and its enforceability. There are two distinct types of Illinois Abstract of Judgment: 1. Voluntary Abstract of Judgment: This type of abstract is voluntarily filed by the judgment creditor with the county recorder's office in the county where the debtor's real estate is located. By doing so, the creditor secures a lien on the debtor's real property, which prevents the debtor from selling or transferring ownership without satisfying the debt. 2. Transferred and Registered Abstract of Judgment: This type of abstract is issued when a judgment creditor transfers the judgment to a new county. The creditor must register the judgment with the county recorder's office in the new county to maintain the lien on the debtor's real estate, ensuring continued protection of their rights. Keywords: Illinois Abstract of Judgment, legal document, judgment decreed, court, lien, property, judgment creditor, judgment debtor, judgment amount, interest, costs, enforceability, voluntary abstract, transferred abstract, county recorder's office, real estate, lien on property, judgment lien.
Illinois Abstract of Judgment
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How to fill out Illinois Abstract Of Judgment?
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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) Except as provided in subsection (a-5), a judgment may be revived by filing a petition to revive the judgment in the seventh year after its entry, or in the seventh year after its last revival, or in the twentieth year after its entry, or at any other time within 20 years after its entry if the judgment becomes ... 735 ILCS 5/2-1602 - Illinois General Assembly ilga.gov ? legislation ? ilcs ? fulltext ilga.gov ? legislation ? ilcs ? fulltext
A memorandum of judgment must be recorded with the Recorder of Deeds in the county where the debtor's real estate property is located. This becomes a lien on the debtor's property. The lien remains in effect for 7 years. You can also renew the lien twice, for a total of 21 years. Collecting a judgment | Illinois Legal Aid Online illinoislegalaid.org ? legal-information ? coll... illinoislegalaid.org ? legal-information ? coll...
A creditor can use the judgment to collect money from you. They may take some of your wages, money in a bank account, or sell your home. The process is commonly called garnishment even if a Citation to Discover Assets form is used.
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. How long does a judgment last? | Illinois Legal Aid Online illinoislegalaid.org ? legal-information ? ho... illinoislegalaid.org ? legal-information ? ho...
However, the creditor can file a Petition to Revive, and serve it on the person who owes the money (the "debtor"), and get another 7 years. The creditor must file the Petition to Revive within 20 years of the entry of the judgment. That's why the longest a judgment can be enforced is 27 years.
A creditor can use the judgment to collect money from you. They may take some of your wages, money in a bank account, or sell your home. The process is commonly called garnishment even if a Citation to Discover Assets form is used. Paying a judgment for a lawsuit | Illinois Legal Aid Online illinoislegalaid.org ? legal-information ? pay... illinoislegalaid.org ? legal-information ? pay...
A judgment is not a lien on real estate for longer than 7 years from the time it is entered or revived, unless the judgment is revived within 7 years after its entry or last revival and a new memorandum of judgment is recorded prior to the judgment and its recorded memorandum of judgment becoming dormant.