Virginia Judgment Release Form
Description
How to fill out Virginia Satisfaction Of Judgment?
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FAQ
Satisfaction and release is the formal paperwork stating that a consumer has paid the full amount owed under a court judgment. A satisfaction and release proves that they have paid their debt and prevents creditors from trying to recover more money from them.
To collect on the judgment, you must complete the following three tasks:Locate the debtor's assets (as many as possible)Attach the judgment to the assets by placing a lien on the assets (called a judgment lien)Obtain the assets to satisfy the judgment (the process of liquidation or foreclosure).
Domestic judgments, or those obtained in a Virginia court of law have a collection period of 10 years and may be extended for a long as 20 years. While foreign judgments, or any judgments of a court where the debt did not originally occur, also have a collection period of 10 years but may not be renewed or extended.
Under the new Virginia law that became effective January 1, 2022, judgments entered in a Virginia circuit court after July 1, 2021, have a 10-year limitations period and may only be extended up to two additional 10-year periods, for a maximum limitations period of 30 years.
How long does a judgment lien last in Virginia? A judgment lien in Virginia will remain attached to the debtor's property (even if the property changes hands) for ten years.
