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Can a credit card company take a judgment against you if it is unsecured and it has been over 4 years?
Wiki User
∙ 19y ago
It is quite possible,most credit card accounts are unsecured. A creditor can file a lawsuit and if it is won, receive a writ of judgment that can be executed against all nonexempt property that belongs to the debtor. Each state has SOL's that pertain to open accounts such as credit cards. However, the expiration of the SOL does not automatically stop a creditor from seeking collection of a debt. (Macky..macky83@juno.com)
Wiki User
∙ 19y ago
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Can personal property be levied when a judgment is placed against you for credit card deliquency?
Answer: If your credit card company obtains a judgment against you they may take any property of value that they can find.
Can a credit card company file a judgment lien against your house if there is no equity in the property?
Yes.
What happens when a credit card debt goes to litigation?
A credit card debt will be granted a judgment possibly and then the company can pursue you to collect the debt. A garnishment could even be awarded, although this is rare on unsecured debt.
Can a credit card company put a lien against you?
A lien cannot be placed against an individual in reality. However, a judgment creditor such as a credit card company can place a lien against real property owned by a judgment debtor. The judgment creditor can take other steps as well to collect the debt, an example would be income garnishment.
What is a judgment in personal finance?
When a person is taken to civil court (for example, a credit card company suing a cardholder to get paid back), the court makes a judgment for or against the plaintiff (entity initiating the lawsuit, in this example, the credit card company). If the judgment is for the plaintiff, the result is effectively a judgment against the defendant (the person taken to court in the example). Part of the judgment is the amount that is to be paid to the entity winning the court case (judgment). Judgements against a borrower (and the amount set to be paid by that borrower) will make their way onto the credit report and will cause a drop in credit score.
Can a credit card company take your home?
No. Credit card debt is unsecured debt. Your home mortgage is secured debt. There is nothing securing the balance you may owe on your plastic. So, for a CC company to really do anything about an unpaid balance, they must first get a judgment against you, with which they will attempt a garnishment. They cannot automatically get a judgment either. They must first contact you and validate the debt per the FDCPA. Then they have to bring a suit against you, and win the suit, usually with a summary judgment. Only with a court-ordered judgment can they attach your wages, bank accounts, or put a lien againt your home.
Can a credit card company put a lien against your property in North Carolina?
Yes, if they file suit and receive a judgment the creditor can execute the judgment as a lien against the debtor's property.
Which company offer bad credit loan with unsecured credit?
Some of the places that offer a loan with unsecured credit can do so by browsing the websites for such companies as Amigo Loans, Achieve Credit as well as Aspire Money.
Can a credit card company intercept your income tax refund if you have a judgment against you?
Yes - the refund is an asset - which the card company can use to offset your debt !
Can credit card companies garnish wages for unsecured debt in NE?
There is no such thing as unsecured debt. There is debt that is not secured by collateral. There is debt that is secured by your signature on a contract. And, yes, if the creditor has obtained a judgment against you for credit card debt, they may serve your employer with an order of garnishee and secure up to 25% of your paycheck per pay period.
When does a credit card company start garnishing your wages?
After the creditor wins a lawsuit and has been awarded a judgment against the debtor and then files the judgment as a wage garnishment action.
Can a credit card company get a judgment against you if your only income is soc Security Disability?
Umm I dont think so!!!
