What would you like to do?
Creditors may certainly look to seize/attach your assets of most types to pay the debts you promised or obligated to pay and don't. They also get to recover any costs for having to act to have you adhere to your legal obligations. However, they must have court authorization to do so, and commonly, other options, like garnishment of wages or liens against the assets (which continue to accrue costs to you), are used first.
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Most people know credit cards are unsecured debt(s). And some are under the mistaken idea that the companies have no recourse if a card holder defaults. That is, of course not… true. They have the legal option to sue to recover their monies. Not being able to pay is unfortunately not considered a defense in a creditor lawsuit. If the creditor wins a judgment they can garnish wages, and levy bank accounts. Place liens on real property (sometimes force the sale of that property). Petition the court to liquidate any non-exempt assets of the debtor. Every state has a set of exemptions to help protect a debtor's property. It is a good idea for everyone to be informed of what those exemptions are (just in case). Amount of debt A lot depends on the amount of the debt. If it is only several thousand dollars they will sell your account to a collection agency who will start hounding you at home and work. They will also place a negative report with the credit reporting agencies and all future credit will probably be denied for the next seven years. If it is a substantial amount then you will probably get a letter from an attorney and they will take you to court. When they get a judgment it will be collected in accordance with the laws of your state. Property Any real property that YOU OWN, such as land, houses, business property, and inventory, can have a LIEN put on it, so that if and when you sell that property, the amount of the lien has to be paid off, before you get any money from the sale. Liens are registered at the county or state level. What to do Writing a hardship letter to your credit card companies can result in lowered interest rates and lowered payments.
I am assuming this is a redundant query. Perhaps you mean how can a creditor collect? Some creditors may still proceed with a lawsuit to gain judgment. The premise being the …debtor will not always be execution proof. Therefore they may be able to collect monies owed in the future.
If judge ordered your ex to pay a credit card debt because he incurred the debt after the divorce was filed how do you get it taken off of your credit report in Arizona?
Answer Marital status has no bearing on liability, neither does what a divorce judge says or when the debt was incurred. Any account holder on a …joint account is liable for the balance due, regardless of any other legal action (like a divorce). Such an account cannot "be taken off of your credit report". You are liable for the money because you signed a contract. The only way to get rid of the debt is to pay it (and close the joint account), or discharge it in bankruptcy (if possible). You may be able to take your ex to court for violating the terms of the divorce decree, but that would have no affect on your credit.
What are the possible consequences of not being able to pay monetary judgments against you.
Yes. A car can be taken for a credit card debt if the creditor sues you in court, is successful and obtains a judgment lien. The creditor can use that judgment lien to take an…y property you own including your home and your car and your bank account.
(in the US) No. Such a default would be a violation of CIVIL law not criminal law. You cannot be jailed for violation of civil law.
Your first step is to stop using your credit cards. Call the credit card companies. However, they will do nothing for you unless your already far behind. If you are they are… usually willing to do a settlement wich means you pay off a lower amount and they cancel the card, Also if there is something that's going on personally, sometimes they have humanitarian clauses, which can allow you to pay smaller amounts and get a lower interest rate. If that does not work, Try debt consolidation companies, But theres a lot of scammers out there so do your research.
Not likely to happen ... you may get them to lower the interest rate some, but to forgive any of the principal amount, money you have already used to buy something that you co…uld not afford in the first place, that will still have to be repaid in full. This answer is inaccurate to say the least. You will have to stop making your monthly payments and the closer you get to 180 days past due, the more negotiating power you have. You should have extenuating circumstances and communicate those to the creditors. Expect to pay between 30 and 60 cents on the dollar.
I would pay off the smallest card first and then mentally it helps get you out of debt faster. Also call the credit card companies to see if you can get your interest rate low…ered. I had $32k in credit card debt but just recently consolidate. I couldn't make the minimum payments anymore. My payments were cut in half and I will have them paid off in 3 years. Good luck in getting out of debt.
If Your creditor get a judgment against you they can sell what property you have to pay the debt. So the answer is Yes.
The lender will require that the lien be paid off with proceeds from the refi if the refi is approved. No. A lien encumbers the property and it cannot be sold nor refinanced w…ithout being satisfied or settled before any other financial transaction occurs.
Most likely your bank. If you have been a valueable customer for many years and never left them no matter how much they charged you on overdraft fees, they will most likely gi…ve you a credit card, but be careful. If they do, do not charge things that you want. It is only for emergency purposes.
Not possible. The contract between the original creditor and buyer is a private transaction. The percentage varies widely. It's also important to understand that many collecti…on agencies work in a contingency basis and only get paid if they collect.
Actually there are several good guides available online on how to pay off credit card debts. Some examples include: "Bankrate", "CSMonitor" and "DebtConsolidationCare".
There are many ways to pay off student credit card debt. Some of the ways to pay off credit card debt are borrow against life insurance, get a home equity loan, renegotiate th…e term with a creditor and many more.
You just have to pay it from somewhere, such as from your regular cash or your savings. You could get a loan, but in the long run that could end up costing you more money,… as you may have to pay interest on the loan. You cut out frivolous expenses for a period of time and put the money towards the most expensive debt you have. When that is paid off, then you go to the next one. At the same time, you start a savings account so that you have enough cash for emergencies instead of using credit. To do this, you cut living expenses, get a roommate, defer decorating expenses, eat home cooked meals and wear the clothes you already own. Another help is to periodically choose a month where you avoid spending any money at all, which takes some ingenuity, but can have great rewards.