Credit card debt
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Credit card debt
We attemtped to pay our debt through a debt management company for a year and saw little results. Meanwhile, being self emplyed tax liab. skyrocketed. we are paying the irs monthly and are aware they can take property. we have recieved a court notice from a credit care co…can credit card companies legally take our home or other personal property or do they file liens in case of sale of property. We do not want to file bankruptcy.
Asked on June 16, 2009 under Bankruptcy Law, Illinois
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
A credit card company or other consumer debt is almost always "unsecured," meaning there is no collateral. A car loan or a home mortgage is "secured." Someone who holds an unsecured debt you owe can't simply take property, like a car being repossessed or a mortgage foreclosure. They would first have to sue you on the debt (which the one company seems to have done, from your question), go to trial (or default, if you don't answer) and get a judgment against you. The judgment becomes a lien against all your property.
A judgment like that can be used to take your property, but it would usually have to start with personal property (not real estate) first. For the details on how this could affect you, based on all of the facts of your case -- and including, very importantly, your IRS issues -- you need to talk to an attorney in your area, because the law and procedure is not identical from one state to the next. One place you can find a lawyer is our website, http://attorneypages.com
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.