Q: What is the Statue of limitations on a judgment, The court I believed said it was a civil matter.
It was for a defaulted loan through a bank, the bank recently wiped our checking and saving out ( $4000) on a loan from my husband and his ex wife from 10 years ago
A: Generally, a judgment in Virginia is valid for ten years, and may be renewed for an additional ten year period. That said, it would benefit you to speak with an attorney as soon as possible. Depending upon the specifics of your situation, some or all of the funds seized may be exempt from collection. In addition, a bankruptcy filing sometimes allows recovery of funds garnished. But, either would require quick action.
*Kevin Chern is Managing Partner of UpRight Law, a national law firm with licensed attorneys providing bankruptcy and consumer legal services in all 50 states. He is an Illinois licensed attorney with 21 years of federal consumer bankruptcy and consumer protection law experience. This response is for informational purposes only and is not intended to be legal advice. For legal advice, consult an attorney licensed in your state with the appropriate expertise.
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