This is a form of a Partial Release of Judgment Lien.
Illinois Partial Release of Judgment Lien happens when a debtor pays off a portion of their outstanding debt, resulting in the release of a portion of the judgment lien against their property. This legal process allows debtors to regain some control over their assets and provides them with the ability to sell or transfer certain properties without the full weight of the judgment lien. In Illinois, there are two types of Partial Release of Judgment Lien that can be pursued: 1. Partial Satisfaction of Judgment: This type of release occurs when the debtor satisfies a portion of the owed debt, either voluntarily or through negotiation with the judgment creditor. Once the agreed-upon amount is paid, a partial release of the judgment lien will be granted, freeing up the related property from the lien to the extent of the payment made. 2. Release of Specific Property: In some cases, the judgment debtor may request a release of a specific property from the judgment lien. This can occur if the debtor can successfully argue that the property is essential for their spouse, children, or themselves to maintain a reasonable standard of living. Upon proving the necessity, the court may grant a partial release of the judgment lien to allow for the property's exemption. It is important for debtors in Illinois to understand that a partial release of a judgment lien does not completely remove the debt obligation. The remaining balance will still be owed, and the judgment lien will continue to impact other properties not included in the partial release unless further negotiated or satisfied. Obtaining a partial release of a judgment lien in Illinois typically involves submitting the appropriate legal documentation to the court summarizing the details of the payment made or the necessity of a specific property's release. It is advisable to consult with a knowledgeable attorney experienced in judgment liens to ensure proper procedures are followed. Overall, an Illinois Partial Release of Judgment Lien serves as a way for debtors to alleviate the burden of a judgment lien while working towards resolving their debt. By allowing debtors to regain some control over their assets, it offers a glimmer of financial relief and flexibility while navigating the debt repayment process.
