Title: Understanding the Illinois Release of Judgment Lien — By Creditor: Definition, Types, and Process Introduction: In Illinois, a judgment lien can be placed on a person's property when they fail to fulfill a court-ordered judgment debt. However, a Release of Judgment Lien — By Creditor allows the creditor to legally remove the lien against the debtor's property, once the debt has been settled. This article will provide a detailed description of what the Illinois Release of Judgment Lien — By Creditor is, its types, and the process involved. 1. Basic Definition: The Illinois Release of Judgment Lien — By Creditor refers to the legal process by which a creditor voluntarily releases a judgment lien placed on a debtor's property, officially discharging the debtor's obligation once the outstanding debt is paid off. 2. Types of Illinois Release of Judgment Lien — By Creditor: a. Full Release: This type of release is most common, where the creditor fully discharges the lien on the debtor's property upon receiving payment of the entire debt amount, including any interest or associated costs. b. Partial Release: In some cases, a creditor may agree to release the judgment lien partially. This means that the lien remains on a specific portion or certain properties of the debtor, while other properties are exempt, usually due to a negotiated settlement or a reduction in the outstanding debt amount. 3. Process of Obtaining a Release of Judgment Lien — By Creditor: a. Verification of Debt Satisfaction: The debtor or their representative must provide the creditor with proof of payment, such as a receipt or a canceled check. This document must include details about the payment date, the debtor's name, and the amount paid. b. Drafting the Release of Judgment Lien Document: Once the creditor is satisfied with the proof of payment, they must draft a Release of Judgment Lien document. This document includes relevant information such as the creditor and debtor's names, the court case details, the property affected by the lien, and the date of lien release. c. Filing the Release: The finalized Release of Judgment Lien document must be filed with the clerk of the same court that issued the judgment, or the (recorder) of deeds in the county where the property is located. An appropriate fee may be required for the filing. d. Notification to Credit Bureaus: It is advisable for the creditor to notify credit bureaus once the judgment lien has been released, ensuring that the debtor's credit report accurately reflects the satisfied lien. Conclusion: The Illinois Release of Judgment Lien — By Creditor is an essential legal procedure that allows a creditor to release the judgment lien placed on a debtor's property once the debt is satisfied. By understanding the types and process involved, both creditors and debtors can navigate this procedure effectively, ensuring fair resolution and maintaining accurate credit records.
Illinois Release of Judgment Lien - By Creditor
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FAQ
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.
The easy definition is that a judgment is an official decision rendered by the court with regard to a civil matter. A judgment lien, sometimes referred to as an ?abstract of judgment,? is an involuntary lien that is filed to give constructive notice and is to attach to the Judgment Debtor's property and/or assets.
Under Illinois law, a mechanics lien should be filed in the County Recorder of Deeds where the property is located. This is crucial as the lien must be filed not only in the correct county but the correct office as well. The fees and specific document formatting vary depending on your county.
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.
A lien is a legal document that is attached to real estate. A court judgment must be recorded with the Recorder of Deeds in the county where the property is located in Illinois before it can be enforced. Even if the property is situated in the same county as the judgment, the creditor must record the judgment.
Enforcement proceedings (also known as collection actions) to collect judgments are governed primarily by 735 ILCS 5/2-1402. This statute provides three main tools for enforcing and collecting judgments: (1) the Citation to Discover Assets; (2) wage garnishment proceedings; and (3) non-wage garnishment proceedings.
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.
It requires going through court to get a lien. A judge must record a judgment of the lien.
