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What if your wife is sole owner of your home Is the home at risk if you default on credit card debt?
Wiki User
∙ 14y ago
This is a complex one, firstly because you do not tell us which country/laws apply. However, normally a man and wife are jointly liable for each others debts unless they have taken steps to prevent this. Also a credit card debt is normally unsecured (against property) and therefore you would have to be made bankrupt for your house to be in jeopardy. Finally there are ways to deal with credit card (and other debts) and you would be well advised to get help. There are debt counseling companies that will help you for a small fee or there are volunteer advisory agencies (like the citizens advice service for UK residents) that will help you for free.
Wiki User
∙ 14y ago
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Credit card debt default and asset seizure?
A company can seize assets doe to credit card default if they obtain a judgment through the court. You will be notified of the court date.
Can credit card garnish your spouse wage if you had that debt before you got married?
Only if that person was also a co-owner of the card prior to the marriage. If you were the only owner of the card (and consequently the debt) prior to the marriage, then no, you are the sole owner of the debt.
Where can one find information about high risk credit card processing?
High risk credit card processing is the generation of a credit card for someone with poor, or bad credit, and are likely to default on the debt. The site, highriskpay, has information about it.
How do credit card hardship programs work?
Credit card hardship programs usually start with an agreement between the owner of the credit card and the bank. The owner agrees to pay the bank a monthly rate in order to lower their debt and in return the bank lowers the interests on the debt to keep the owner from going bankrupt or being unable to pay their monthly expenses.
What is the difference between a debt card and a credit card?
The diffference between a debt card and a credit card is ,in a debt card it's money from your account .In a credit card is when you borrow money from the bank.
Credit card debt default and asset seizure?
A company can seize assets doe to credit card default if they obtain a judgment through the court. You will be notified of the court date.
Can credit card garnish your spouse wage if you had that debt before you got married?
Only if that person was also a co-owner of the card prior to the marriage. If you were the only owner of the card (and consequently the debt) prior to the marriage, then no, you are the sole owner of the debt.
What are the downfalls in using a small business credit card?
Many credit card companies will require that the credit card be guaranteed by the business owner. This means that the credit card would show up on the business owner’s credit report. This might pose a problem if you get into substantial debt.
Where can one find information about high risk credit card processing?
High risk credit card processing is the generation of a credit card for someone with poor, or bad credit, and are likely to default on the debt. The site, highriskpay, has information about it.
How do credit card hardship programs work?
Credit card hardship programs usually start with an agreement between the owner of the credit card and the bank. The owner agrees to pay the bank a monthly rate in order to lower their debt and in return the bank lowers the interests on the debt to keep the owner from going bankrupt or being unable to pay their monthly expenses.
Will paying a charged off credit card debt to an outside collection agency help your credit rating?
No, not unless you pay the full required payments without default, which is the same as paying for the card normally. Once you default on a payment your credit rating starts to drop.
What is the difference between a debt card and a credit card?
The diffference between a debt card and a credit card is ,in a debt card it's money from your account .In a credit card is when you borrow money from the bank.
Where can I get advice on credit card debt solutions?
I am so in debt and I am worried about paying my credit cards. Where can I get advice on credit card debt solutions?
Could You Get Garnished For A 1900 Credit Card Debt?
There were no credit cards in 1900, hence no credit card debt.
When are you in credit card debt?
A person is in credit card debt when they have charges on their credit card and can not pay them. A person can make charges on a credit card and make payments at a later date. When a person charges on their credit card, the charge is now a debt that must be paid.
Why did your credit score drop?
Typical factors in a declining credit score are late/default payments, a high ratio of account balances versus accoung limits (e.g. $500 debt on a $1000 card is worse than $500 debt on a $2000 card), and recent credit inquiries.
Is an additional credit card holder liable for the whole debt on the credit card account?
ia an additional credit card holder liable for the whole debt of the credit card account
