Legal Question in Credit and Debt Law in Virginia

Levy

I owe a loan company & the sheriff has papers concerning a levy to serve to me. I understand that the debt is $8,000 but they are to seize $17,000 worth of goods & property in my name to be sold to satisfy this debt. I have a car that is in my name & still being financed. I owe roughly $16,000 on it. Can they take this car & what determines the amount of goods & property that are in mine name only. And since I don't own goods or property totaling this amount & since the sheriff has not served me with the papers yet, is it too late to contact the creditor to make payment arrangements.


Asked on 1/21/07, 4:18 pm

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

Re: Levy

If the car is still being financed as you claim, then there's likely a lien recorded against the title with the DMV

and it's doubtful that it would be feasible to have it sold at a sheriff's auction.

And, no, it should not be too late for you to contact your judgment creditor to determine whether some kind of mutually satifactory settlement can be worked out between the two of you that would obviate the need for a sheriff's sale of your property to satisfy the still outstanding debt.

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Answered on 1/21/07, 5:29 pm


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