credie collection advise needed

I owe over $10,000 to a credit card company that has gone into collections. They have issued a depostion subpoena for production of business records to turn over a copy of the loan application, current home & work information & copies of the last 4 payments made to the finance company for my car. I still owe about $5500.00 on my loan. What should I do ? Can they take my car as collateral for the debt ?

Asked on June 11, 2009 under Bankruptcy Law, California

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

Has a lawsuit been file?  if no lawsuit has been filed i am not sure how they can do a deposition subpoena for the records.  If a lawsuit has been filed, then you need to appear and bring the documents.  Do you have any assets such as real estate?  If so, the company can get a judgment against you and put  a lien on your home.  as far as your car is concerned, the credit car company cannot take your car.  the only one that can take it is the finance company that you borrowed from.  i suggest hiring a lawyer to negotiate a deal where you pay the debt off over time in an amount that you can afford to get this agency off your back.


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