Bankruptcy basics: What is a judgment lien?

11 Oct Bankruptcy basics: What is a judgment lien?

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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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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