Legal Question in Credit and Debt Law in Virginia
creditors
I live in Va. I am currently in a debt solution program. A credit card company that i owe about 5,000 is threatening a judgement. Can they garnish my bank account( shared with my daughter) or make me sell my home to pay the debt. I have about 100,000 equity in my home. My house payment is 1500 a month. I am not able to refinance-even if I could my payments would go up and I would not be able to make it on my fixed income. My husband passed away last year making my income half of what it was. I am 63-trying to find work but due to some health problems it is hard to find a job. I am trying to babysit in my home but don't have anyone yet. What should I do to keep from losing my home?
3 Answers from Attorneys
Re: creditors
Your best approach in this situation is to attempt to work out a mutually satisfactory settlemnt with the creditor.
However, should that endeavor fail, and the creditor obtains a judgment against you for the $5K, then you may then wish to consider filing what's called a homestead deed with your local circuit court in order to exempt $5K worth of your personal and/or real property from any enforcement actions which the creditor may undertake to enforce this judgment.
Re: creditors
Your best approach in this situation is to attempt to work out a mutually satisfactory settlemnt with the creditor.
However, should that endeavor fail, and the creditor obtains a judgment against you for the $5K, then you may then wish to consider filing what's called a homestead deed with your local circuit court in order to exempt $5K worth of your personal and/or real property from any enforcement actions which the creditor may undertake to enforce this judgment.
Re: creditors
Your best approach in this situation is to attempt to work out a mutually satisfactory settlement with the creditor.
However, should that endeavor fail, and the creditor obtains a judgment against you for the $5K, then you may then wish to consider filing what's called a homestead deed with your local circuit court in order to exempt $5K worth of your personal and/or real property from any enforcement actions which the creditor may undertake to enforce this judgment.
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