Legal Question in Credit and Debt Law in Virginia
Assest Search
I don't have a job but looking. I can't pay my bills. Account was turned over to attorney. The attorney's office said they were going to do an assest search. I asked what did that mean but was told it was not their job to represent me. What is meant by an assest search?
2 Answers from Attorneys
Re: Assest Search
You are probably referring to an "asset search",
meaning that the folks charged with collecting your delinquent account will do searches utilizing various databases and other informational tools to determine whether you might in fact have "assets" such as bank accounts,
stocks, other personal and/or real property which could be used (attached) to payoff your delinquent debt.
Re: Assest Search
It means they are going to look for assets (bank accounts, vehicles, etc.) and attempt to attach them. You may want to consider filing bankruptcy if the debt is large enough that it will be a problem to pay even once you do get a job, or if you have assets that can be attached.
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