Yes, if the creditor sues the debtor and prevails in court.
A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.A creditor can sue in court to obtain a lien against a debtor for an unsecured loan. If successful in the lawsuit, the creditor can request a judgment lien that can be used to take the debtor's property to pay the amount due.
The answer to this may vary by state. The best recourse would be to meet with an attorney. The fee you pay for their time would be small compared to the cost of getting this wrong. With that said, creditors may sue the estate of the deceased person in an effort to obtain payment. They would have to win the lawsuit and obtain a judgment against the decedent and place a lien against the property. Once a lien is placed they could eventually take action against the property. I have 6 years experience as a mortgage underwriter and have yet to see a lien placed on residential property by an unsecured consumer creditor.
No, only if the loans are secured against the property
Unsecured creditors ususually sell accounts to a third party. If the ususual means of collection does not get results (phone calls, letters for payment). a lawsuit may be filed. A judgment can result in wage garnishment, bank account levy, lien against property, liquidation of unexempt property. In some instances a lien against a home can be used to implement a "forced sale" of the property, (this seldom happens). EVERY judgment can be appealed.
No, PA. does not allow wage garnishment when it pertains to creditor action. Even though a credit card is unsecured debt, that does not mean the creditor does not have legal remedies for collection. They can file a lawsuit, if they win they will enforce a judgment in several ways, bank account levy, liquidation of nonexempt property, or liens against real property.
Yes. A decedent's debts must be paid before any property can be distributed to her heirs.
Unsecured personal indebtedness is debt that is not secured against an asset. For example, a mortgage is a debt secured against an asset, being a house. If you fail to pay your mortgage, your house will be taken of you. An unsecured debt is that of a loan or credit card bill which is not backed up by an asset.
It depends on the law in the country in which you live. However, in most cases debts are not secured against property (if they are then the property can be sold) and the person owed money would have to make the debtor bankrupt to get any money our of a property. (Unsecured debtors are the last to be paid out so they are unlikely to initiate this).
Some are secured, some are not. A Home Equity Line of Credit is secured by real estate (a residence or property) A business line of credit may be secured by a stake in the business or lien against equipment or inventory. Business lines may also be unsecured. Personal or "signature" credit lines are unsecured.
Yes. It is a misconception that credit card issuers do not have legal recourse for recovering money owed simply because the debt is considered "unsecured". Unsecured debt only signifies that there is no specific property attached to the debt itself. The debtor can be sued for the amount owe plus legal costs and other fees. If the plaintiff/creditor wins the suit (they always do) a judgment is enterered against the debtor/defendant. A judgment can be executed in accordance with the laws of the debtor's state, the preferred method of enforcing a creditor judgment is by wage garnishment or bank account levy. Other options are the seizure and sale of non exempt property belonging to the debtor and liens against real property belonging to the debtor.
It means the creditor has won a lawsuit, been awarded a writ of judgment and can execute the judgment against non-exempt assets and property as defined by state law that belongs to the judgment debtor. The preferred method of executing a judgment is by wage garnishment, followed by bank account levy, the seizure and liquidation of non-exempt property and liens against real property. The state exemptions allowed for personal and real property when properly used can give the defendant/debtor considerable protection against the enforcement of a creditor judgment.
A judgment can be against either the person or their property. A personal judgment is against the individual's assets or income, while a lien on property is against the person's property.