Credit card debt and personal property?

[zao]

What is the name of your state (only U.S. law)? MI

about 12-18 months ago a default judgement was made against me for an old credit card. shortly afterwards, one of my bank accounts was seized. since that time they have tried recovering funds from that same account twice, i believe.

my question centers around whether or not a car in my name can be seized. i am currently looking to purchase a preowned vehicle and would like to know if the title can be seized by the collection agency. also, if i have a storage unit in my name, can the items in the storage unit be seized by the collection agency? thanks for your time.

 

[Zigner]

So, you were slow for 1/2 the span of the bridge plus a couple hundred feet past that before you were stopped...and you were impeding traffic. The "next" onramp isn't even in sight.

 

[Antigone*]

So, you were slow for 1/2 the span of the bridge plus a couple hundred feet past that before you were stopped...and you were impeding traffic. The "next" onramp isn't even in sight.

Zigner, honey... are you dipping into the brandy a little early this morning

 

[rppearso]

How can a credit card company get a judgement to confiscate property on an unsecured loan which is what a credit card is, that sounds like a good way to get shot, creeping up on someones private property to confiscate there paid off vehcial that has nothing to do with the unsecured debt. The way I understood it is credit cards had NO legal means with which to collect other than to just ruin your credit, if judges are issuing judgements on unsecured debt they are basicly setting court presidents that these debts are now secured even though you never signed to that.

 

[TinkerBelleLuvr]

Once the creditor has a judgment, they can certainly take stuff.

 

[bigun]

How can a credit card company get a judgement to confiscate property on an unsecured loan which is what a credit card is, that sounds like a good way to get shot, creeping up on someones private property to confiscate there paid off vehcial that has nothing to do with the unsecured debt. The way I understood it is credit cards had NO legal means with which to collect other than to just ruin your credit, if judges are issuing judgements on unsecured debt they are basicly setting court presidents that these debts are now secured even though you never signed to that.

Unsecured in this instance means, there is no specific collateral pledged against the card.
Once a cc debt is reduced to a judgment, state law defines what a judment creditor can seize. In most states, wages can be garnished to a certain percentage, bank accounts can be levied and personal property {above an exempted amount} can be seized.

 

[annajosie]

If you have a judgement against you, the judgement creditor can go after your assets. Very simple. If a car is one of those assets, the creditor CAN take it and sell it.

What you should do is find out what exemptions you have in your particular state and assert those exemptions.

JMHO