If you run up your credit cards, can "they" take your primary place of residence?
What is the name of your state (only U.S. law)? Az
I have a retired friend who ran up their credit cards and has no plan on repaying them. He lives in a nice trailer on a lot that he rents each month. I asked if he was worried that "they" could take his primary residence (aka his trailer =P), and he confidently assured me that the bank does not take people's primary source of residence over credit card debt.
1) If I'm not mistaken, isn't it a well-known fact that banks take people's primary source of residence when the resident can't pay their credit card debts? =P
2) The trailer is worth about 12k. Would a bank go after a trailer if it was was approximately equal to the amount he owes them?
What is the name of your state (only U.S. law)? Az
I have a retired friend who ran up their credit cards and has no plan on repaying them. He lives in a nice trailer on a lot that he rents each month. I asked if he was worried that "they" could take his primary residence (aka his trailer =P), and he confidently assured me that the bank does not take people's primary source of residence over credit card debt.
1) If I'm not mistaken, isn't it a well-known fact that banks take people's primary source of residence when the resident can't pay their credit card debts? =P
2) The trailer is worth about 12k. Would a bank go after a trailer if it was was approximately equal to the amount he owes them?
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