Two Virginia legislators — one Democrat and one Republican — plan legislation to limit what debt collectors and creditors can seize.
Del. Phil Hernandez, D-Norfolk, wants to make it easier to limit the amount a creditor or debt collector can take from a family bank account under a court order. Del. Carrie Coyner, R-Chesterfield, wants to rein in Virginia’s unique-in-the-nation law that allows liens to garnish 100% of an erring taxpayer’s wages.
Under current Virginia law, you can exempt $5,000 of bank accounts or household goods from creditors, but you must file a Homestead Deed and then go to court to claim your exemption.
Read the full story in the Richmond Times-Dispatch.
