Collections
In Virginia, collections law governs the process of creditors seeking to recover debts from individuals or businesses who owe them money. Our attorneys can consult & answer your questions on a variety of aspects of Virginia Law in English, Ukrainian, and Russian languages:
Debt Collection Practices
Debt collectors must adhere to the Fair Debt Collection Practices Act (FDCPA), which prohibits abusive, unfair, or deceptive practices in the collection of debts.
Judgments and Liens
If a creditor obtains a judgment against a debtor, they may pursue various methods to collect the debt, including placing liens on the debtor's property.
Exemptions
Certain property and income are exempt from collection efforts, such as a certain amount of wages, personal property, and homestead exemptions for a primary residence.
Bankruptcy
If a debtor is unable to repay their debts, they may file for bankruptcy. Different types of bankruptcy (Chapter 7, Chapter 13) provide different levels of debt relief.
FAQ:
What is the statute of limitations for debt collection in Virginia?
The statute of limitations varies based on the type of debt but typically ranges from 3 to 10 years. It's important to be aware of the specific limitation applicable to your debt.
Can a creditor garnish my wages in Virginia?
Yes, under certain circumstances, creditors may seek a wage garnishment after obtaining a judgment. However, there are limits on the percentage of income that can be garnished.
Are there any exemptions to protect my property from debt collection?
Virginia provides exemptions for certain types of property, including a homestead exemption for a primary residence, a certain amount of personal property, and specific income exemptions.
What is the Fair Debt Collection Practices Act (FDCPA) and how does it protect me?
The FDCPA is a federal law that regulates the behavior of third-party debt collectors. It prohibits abusive, unfair, and deceptive practices in the collection of debts, providing consumers with certain rights and protections.
Can I negotiate with my creditors to settle the debt for less than the full amount?
Yes, it is possible to negotiate a debt settlement with creditors. It's advisable to communicate with them, explain your situation, and explore options for reducing the debt amount or establishing a payment plan.
How does bankruptcy affect debt collection in Virginia?
Filing for bankruptcy, whether Chapter 7 or Chapter 13, can provide relief from debt collection efforts. It may result in the discharge of certain debts or the establishment of a manageable repayment plan.
What steps can I take if I believe a debt collector is violating my rights under the FDCPA?
If you believe a debt collector is engaging in unfair practices, you have the right to dispute the debt and report the collector to the Consumer Financial Protection Bureau (CFPB) or the Virginia Attorney General's office.
How long does negative information stay on my credit report in Virginia?
Negative information, such as late payments or collections, generally stays on your credit report for seven years. Bankruptcy information may stay on for a longer period.
Ready to get started?
Wether you simply have additional questions, or already have your case ready and would like it reviewed by a professional, get in touch with us to day and get a consultation..