What is a judgment lien?

A judgment lien is a legal tool that allows creditors in New York to claim a portion of a debtor’s property as payment for a debt. When a creditor obtains a judgment against a debtor, the court issues a document called a judgment lien, which is filed with the county clerk in the county where the debtor’s property is located. The judgment lien creates a lien on the property, which gives the creditor the right to take possession of the property when it is sold. In New York, judgment liens are valid for 10 years from the date they are filed. During this time, the creditor has the right to collect the balance due from the debtor’s property, even if the property is sold to someone else. Therefore, if the debtor plans to sell their property, they must first pay off the creditor’s judgment lien to clear the debt. If a debtor fails to pay off a judgment lien, the creditor can pursue a foreclosure action to force the sale of the property to pay off the debt. This is why it is important for debtors to be aware of their legal obligations and to make sure they are meeting them in a timely manner. By understanding creditors rights law in New York, debtors can better protect themselves and their property.

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What is a judgment lien?

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