If it is against property..if it is a judgement against you generally, then no.
The secured party's right after default includes taking possession of the collateral of the debt. If the collateral does not cover the full amount of the debt than a judgment can be placed on the debtor to get the remaining money.
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.
Secured debt is a debt that is guaranteed by the use of collateral. If the debt is not repaid, the creditor has the right to take the collateral from the borrower.
Secured debt has priority over other debdtors to the secured property. If that does not saisfy the claim, then te remainder may be filed as a general claim, taking position below senior debt.
No...what could it possibly be secured to or by?
A secured debt - is protected by being tied to something valuable (jewellery, car, house etc). If you default on the repayments, you could lose the item the debt is secured on ! An unsecured debt is not tied to any physical property. If you default on an unsecured debt, they will usually take you to court and have the debt recovered from your wages.
Of course you can. In most states, condo fees become liens on the condo, so a secured debt. You would have to file a C. 13 and plan to pay off the arrears as a secured debt.
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.
Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.Repossession occurs when the borrower fails to make payments on a loan secured by a vehicle. If "the bank" is not the lien holder then it has no authority to take possession of the car by repossession. However, if a bank obtains a judgment lien against you in court for a different debt, it can use the judgment lien to seize your car, or any other property, to satisfy the judgment.
When a debt or loan is personally secured, it means that the person who took out the loan has used something as security in case they default on the loan. A mortgage is an example of a secured loan.
If the husband was not liable for the debt, then his wages cannot be garnished to collect on the judgment. The judgment is against the person who incurred the debt.
The debt could become a judgment. Do not put yourself in a state of worry. Your options are to settle this debt or once this account is placed on your report as a judgment you can submit an offer to compromise. Especially if you are struggling with your finances.