A Virginia Impounding Agreement is a legal document that is used to secure a debtor's assets. It is an agreement between a creditor and a debtor in which the debtor assigns certain assets to the creditor as security for payment of a debt. This agreement is used when the debtor does not have enough assets to fully satisfy the debt or when the debtor's assets are not enough to cover the amount of the debt. In Virginia, there are two types of impounding agreements: a voluntary impounding agreement and a court-ordered impounding agreement. A voluntary impounding agreement is an agreement between a debtor and a creditor in which the debtor voluntarily assigns certain assets to the creditor in order to secure payment of a debt. This agreement is typically used when the debtor does not have sufficient assets to cover the entire debt. A court-ordered impounding agreement is an agreement between a debtor and a creditor ordered by a court in order to secure payment of a debt. This agreement is typically used when the debtor has been found in contempt or has failed to satisfy the debt. The Virginia Impounding Agreement is a legally binding document and is enforceable in court should either party fail to comply with its terms.