Monday, August 1, 2022

Creditor's 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.

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