Virginia Beach, VA asked in Arbitration / Mediation Law for Virginia

Q: A company in Iowa has a judgement against me. I live in Virginia. Can I be forced to dip into my retirement accounts?

Do I have to disclose my retirement accounts on the balance sheet they have requested from me?

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1 Lawyer Answer

A: Generally speaking, a Judgment stays valid of many years, depending on the state where the judgment was entered. And, while not every creditor who wants to execute a judgment (collect on the judgment) is willing to go to another state to do so, they have the right under the "Sister States Judgment Act" to execute the Judgment according to the procedures set forth in that state. Since I don't know each state's law on execution of judgments, I am familiar with my state's (California's) law on collection. A Writ of Execution is required to be filed, after the Judgment is entered, by the judgment creditor, after which he can "execute" on things like bank accounts, personal property, wages, etc. The creditor can also place a judgment lien on your real property (like a home). Most states have "Homestead" laws, which allow you to protect a home, up to a certain amount of money, from collection or bankruptcy. I don't know about retirement accounts. You will have to take it from here. Good Luck.

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