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A debt is considered secured by property when the borrower pledges an asset, such as a house or car, as collateral for the loan. If the borrower fails to repay the debt, the lender can take possession of the property to recover the amount owed.

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5mo ago

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Can a creditor attach a spouses income?

Yes, a creditor can attach a spouse's income under certain circumstances, particularly if the debt is considered joint or if the spouse had a role in incurring the debt. However, laws regarding wage garnishment and attachment vary by jurisdiction, and protections may exist for a non-debtor spouse's income, especially if it is considered separate property. It’s advisable for individuals in this situation to consult with a legal professional for specific guidance based on their circumstances and local laws.


What legal actions can the credit card company take against you if you have a large unpaid balance and choose to stop making payments?

Many people are under the false assumption that a credit card is unsecured and therefore uncollectable. Wrong! You can be sued, and if you lose, they can take any of your property that is not exempt under your state laws. They can garnish your wages and bank accounts. Obviously not a home (except under certain circumstances) It is secured by the mortgage lender. You really need to know your state statutes to understand your liability. ALL CREDIT CARD COMPANIES ARE REGULATED BY THE FAIR CREDIT BILLING ACT, A FEDERAL LAW. USUALLY THERE ARE NO STATE LAWS THAT APPLY. THERE ARE WAYS TO DISPUTE YOUR DEBT, LEGALLY, BUT YOU HAVE TO BE EDUCATED AND AWARE OF THE LAWS & PROCESS. I USED A COMPANY TO HELP ME DO THIS. Before you use a company to help you with this, check the Better Business Bureau. Some rate an F. Credit Cards are NORMALLY....UNSECURED...this means they are NOT secured by any property. Certain states will allow the siezure of certain property but mostly it is your wages and or a bank account.


Under what circumstances would it be advisable to borrow money to take a cash discount?

Under what circumstances would it be advisable to borrow money to take a cash discount?


Under what circumstances can the IRS seize an irrevocable trust?

The IRS can seize an irrevocable trust if the trust owes unpaid taxes and the assets within the trust are considered part of the taxpayer's overall assets.


Can unsecured credit card companies sue you for your property or home?

If you have the assets, and owe them the money, and it is financially profitable for them to sue you, they will. And if you owe them, they will win. This will give them a Judgement against you, and if you own property, they can force you to sell under certain circumstances, or they can wait until you have your house sold, and your lawyer will deduct the lien from your proceeds after closing on your sale. THAT IS THE LAW.

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