Legal Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z #

-V-

VA: The U.S. Veterans Administration.

VA loan: A loan through the Veterans Administration program, which allows most veterans to purchase a house without a down payment.

Variable-rate mortgage: Any real estate loan in which the interest rate varies over time according to a prescribed formula or set of conditions; usually changes in economic conditions. (Also known as an adjustable-rate mortgage).

Venue: The proper district in which to file a bankruptcy case.

Verdict: The decision of the case reached by the jury.

Vicarious liability: The liability of one person for the torts of another.

Violation of the stay: The unauthorized act of a creditor attempting to take property or money of the debtor to satisfy a claim during the time the automatic stay is in effect.

Vocational & return to work counselor: If you have a permanent disability, this is the person that will help you develop a strategy for returning to work. This person will evaluate you and provide necessary counseling.

Vocational rehabilitation: If you are permanently unable to do your usual job, and your employer does not offer other work, you may qualify for this benefit. It may include job placement counseling, retraining and a vocational rehabilitation maintenance allowance.

Voluntary case: A bankruptcy filed voluntarily by the debtor as opposed to a bankruptcy filed by a debtor's creditors.

Voluntary dissolution: The intentional dissolution of a corporation by its own management.

Voluntary transfer: A transfer or conveyance of a debtor's property with the debtor's consent.

Voting right: The right enjoyed by shareholders to vote their shares.

Voting trust: A trust which solicits vote proxies of shareholders of a corporation to elect a board of directors and vote on other matters at a shareholders' meeting. A voting trust is usually operated by current directors to insure continued control.