Bankruptcy basics: What is a judgment lien?
By Pamela Stewart, Attorney at Law on Oct 11, 2007 in General Bankruptcy Information
A judgment lien is a lien that arises from a lawsuit for which money damages are awarded. The lien allows a “hold” to be placed against the real and personal property of a debtor until the judgment is paid. The lien is valid for a period of years with that time period determined by state law. A judgment lien may be renewed prior to the expiration of the lien which means the debt is still owed. If the creditor does not renew the lien, the lien terminates upon the expiration of the time period specified by law.
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