Virginia Agreed Judgment
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FAQ
A judgment simply is a piece of paper at the local courthouse that says you owe someone a certain sum of money. This allows the creditor to use legal actions to collect the judgment. However, the creditor first must get a judgment. A creditor with a judgment is called a ?judgment-creditor.?
How Do I Collect on a Judgment: The Debt Collection Process in... 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).
Rule . ? All final judgments, orders, and decrees, irrespective of terms of court, remain under the control of the trial court and may be modified, vacated, or suspended for twenty-one days after the date of entry, and no longer.
- At any time more than 10 days before the trial begins, a party defending against a claim may serve upon the adverse party an offer to allow judgment to be taken against the defending party for the money or property or to the effect specified in the defending party's offer, with costs then accrued.
A judgment is enforceable for a twenty-year period from the date it is rendered. VA Code Ann. § 8.01-251(A). A creditor may prevent expiration of his judgment lien by making a motion to extend within the twenty-year period.
Within thirty days after judgment is entered, an appealing party must perfect the appeal by posting the required bond with the clerk of the court. The appeal will be tried in circuit court in a formal manner strictly following all of the rules of evidence and procedure. Often, lawyers represent the parties.
As the name suggests, a Rule 68 Offer of Judgment is, in fact, an offer permitting a plaintiff to accept and enter a judgment against a defendant on specified terms, subject to the court's approval of the settlement via Rule 68.