What is a judgment?

A judgment is a court order that states a person or company owes a certain amount of money to another person or company. In Illinois, a judgment is entered when a debtor fails to repay a debt. When a creditor files a lawsuit against a debtor, the court will enter a judgment if the debtor does not have a good defense or does not appear in court. The judgment states that the debtor owes the amount of money stated in the complaint, plus interest and court costs. The creditor may then take action to collect the money, such as filing a lien on the debtor’s property or garnishing the debtor’s wages. If the debtor does not pay the amount of the judgment, the creditor may also be able to seize the debtor’s property to pay the debt. In Illinois, a judgment will remain on the debtor’s record for up to 7 years, making it difficult for the debtor to obtain credit or to purchase or rent property.

Related FAQs

What is the Fair Debt Collection Practices Act?
What should debtors do if they are being harassed by a debt collector?
What is a creditors’ meeting?
How do creditors enforce their rights?
What are the different types of bankruptcy exemptions?
What is an unsecured debt?
What is a deficiency judgment?
What is an affirmative defense in a debt collection case?
What is a debt collection agency?
What is a creditors' committee?

What is a judgment?

Related FAQs

Related Blog Posts