This is a form of a Partial Release of Judgment Lien.
Illinois Partial Release of Judgment Lien
Category:
State:
Multi-State
Control #:
US-OG-543
Format:
Word;
Rich Text
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How to fill out Partial Release Of Judgment Lien?
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FAQ
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.
An unpaid judgment can become a lien on real estate in Illinois. A judgment lien enables a creditor to compel the selling of a debtor's property. The proceeds from the property sale are then used to satisfy the judgment.
How long does a judgment lien last in Illinois? A judgment lien in Illinois will remain attached to the debtor's property (even if the property changes hands) for seven 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.
It requires going through court to get a lien. A judge must record a judgment of the lien.
In Illinois, the general rule is that lien priority is awarded to whoever records a lien against property first.
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.
For example, contractors and suppliers could place a lien if you do not pay them. Other creditors, though, usually cannot put a lien on your property. It requires going through court to get a lien. A judge must record a judgment of the lien.