In Virginia, to enforce a judgment lien on real property, the creditor must record the judgment in the local land records office where the property is located. Recording the judgment creates a lien against the property, which secures the creditor’s claim and allows them to pursue collection actions such as foreclosure if necessary.
The homestead exemption in Virginia allows debtors to exempt a certain amount of equity in their primary residence from creditors’ claims. This means that if a debtor files for bankruptcy or has a judgment against them, they can protect a portion of their home’s value from being used to satisfy creditors’ claims, up to the statutory limit.
In Virginia, a creditor can seek to collect a debt by filing a motion for a writ of garnishment. This legal procedure allows the creditor to attach the debtor’s bank account or wages to satisfy the judgment. Garnishment is a common method for collecting debts when the debtor has liquid assets.
A debtor’s examination is a legal proceeding where the debtor is required to provide information about their financial status, including assets and income. The purpose of this examination is to assess the debtor’s ability to repay the debt and to identify available assets that can be used to satisfy the judgment.
In Virginia, the statute of limitations for bringing an action to recover a debt under a written contract is 5 years. This period begins to run from the date the cause of action accrues, typically from the date of the breach or default.
