Monday, March 2, 2015

Collection: Creditors Bill


     The action to force the sale of real estate to satisfy a judgment is called a "Creditor's Bill." This action is governed by Virginia Code §8.01-462:
                     Jurisdiction to enforce the lien of a judgment
                     shall be in equity. If it appears to the court
                     that the rents and profits of all real estate subject
                     to the lien will not satisfy the judgment in five years,
                     the court may decree such real estate, any part thereof,
                     to be sold, and the proceeds applied to the discharge
                     of the judgment.
     Although the action may be costly, given the right judgment it is an effective collection tool. Determining what judgments are "right" requires experience and good judgment.

No comments:

Post a Comment