What does satisfaction of judgment letter mean?

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.

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Illinois Release and Satisfaction of Judgment

Illinois Release and Satisfaction of Judgment

Name: Illinois Release and Satisfaction of Judgment
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.66 (201 reviews)

Category:

Illinois Local County - Kendall - General

State:

Illinois

Control #:

IL-SKU-2394

Format:

Instant download

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Description

Release and Satisfaction of Judgment 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 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.

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FAQ

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.

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.

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

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 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.

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.

More info

A Satisfaction of Judgment (also known as a Release and Satisfaction) is a legal document that shows that the plaintiff has been paid all that he or she is owed, based upon the original judgment against the defendant. SATISFACTION OF JUDGMENT - CIRCUIT COURT.Whenever the entire amount due on a judgment, including interest, is paid in full, the holder of a judgment must. A Satisfaction of Judgement is proof you paid what you owed. 1. The judgment entered has been paid off or satisfied in full. 2. The judgment creditor has failed to file a release and satisfaction of that judgment. A Release and Satisfaction is a document stating that the judgment has been fully paid. This is also known as a Satisfaction of Judgment. Release Satisfaction of Judgment. Defendant. RELEASE AND SATISFACTION OF JUDGMENT.

Illinois Release and Satisfaction of Judgment

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