Legal Question in Credit and Debt Law in Virginia

Debt Collectors Take My Condo?

I recently inherited a condo (mortgage was paid off by estate) and have approx. $5000 in collections agencies - can they take my condo? The deed transfers next month and I am so worried. Some of the debt owed is from credit cards, the other is what I owe after leaving an apartment I rented before the lease was up and still owed money for back rent. Any advice would be appreciated. I'm just wondering if the collectors turn this over and I get sued the judge will order me off my property like what happened to the lady who lost her home because of a $68 dental bill not payed and sent to collections. I have no idea even to begin looking at the agencies I owe money to to try and pay them off in small amounts monthly.


Asked on 6/16/08, 8:17 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Debt Collectors Take My Condo?

Yes, if you're the sole owner of the condo property, and one or more of your creditors sues you and obtains a valid judgment against you, the condo property could be used by your judgment creditor(s) to satisfy the outstanding judgment(s).

You might want to consider filing a $5000 homestead

deed in the appropriate court to exempt $5000 worth of your assets from creditor action which every resident of the Commonwealth is entitled to claim.

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Answered on 6/17/08, 10:31 am


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