VA Creditors Rights Flashcards
Bar Exams from 2014-2024
Homestead Exemption
A VA household member may hold exempt from a creditor real and personal property not in excess of $5,000 in value, or if 65 or older, not in excess of $10,000.
Principal place of residence NTE $50,000
Spousal Support Exemption
The right to receive spousal support to the extent reasonably necessary for support of the debtor is exempt from the creditor process.
Poor Debtor’s Exemptions
- Unpaid spousal support
- Family heirlooms NTE $5,000
- Clothes NTE $1,000
- Home furnishings NTE $5,000
- Tools used in an occupation NTE $10,000
- Motor vehicles NTE $10,000
Duration of Judgment Lien
10 years but may be extended for an additional 10 years by recording a certificate in the clerk’s office prior to the expiration of the original judgment lien period.
Memorandum of Lis Pendens
Appropriate when the action on which the lis pendens is based seeks to establish an interest by the filing party in the real estate
Memorandum of Lis Pendens Details
- Title of the cause of action
- Court where the action is pending
- Amount of the claim
- Name of the person whose estate is affected
Suit in Equity
May be brought to enforce a lien of judgment and to obtain a decree of sale of the real estate
If it appears that the rents and profits will not satisfy the judgment in 5 years, the court will order the sale of the property and the application of the proceeds in satisfaction of the judgment.
Writ of Fieri Facias
Device used to
Fraudulent Conveyance
Any gift, conveyance, assignment or transfer made with the actual intent to hinder, delay, or defraud creditors
Spouse Transfers
Transfers between an indebted husband and his wife are presumed to be fraudulent and are voidable at the suit of either existing or future creditors.
Spouse can rebut if they show that they gave consideration for the transfer or that the transfer was a bona fide gift
