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They can initiate a lawsuit. If the creditor wins the suit, they will then petition for a writ of judgment and proceed to execute it. That can be in the form of wage garnishment, bank account levy, liquidation of nonexempt assets. Every state has a set of exemptions that the debtor can use to protect specific property. These exemptions are the same ones that are used in bankruptcy.
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How much debt will a creditor garnish for?
depends on what you have agreed with them and the amount. as far as i know, they cant take anything from your checking, savings, etc UNLESS you have in agreement with them and the amount.
What does the concept of secured debt mean in finance?
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.
Can a credit card company take life insurance proceeds to pay towards a debt even if the amount is only enough for burial expense?
No, insurance death benefits are exempt from creditor actions.
Can a debt collection company issue a summons for unpaid unsecured debt?
Yes, once a debt collection agency buys your debt from the original creditor they are legally entitled to all of your debt. Therefore, they can take you to court for any unpaid debts, so long as it is the debt they bought from the original creditor and only that debt.
Once a debt is given to a collection agency can you get the creditor to take it out of the creditor's hands?
Once a debt is handed over to a collection agency, it's typically out of the original creditor's hands. However, it may be possible to negotiate with the creditor to recall the debt from the collection agency, but this process can be challenging and may require convincing the creditor of your ability to repay the debt directly. It's advisable to communicate directly with both the creditor and the collection agency to explore your options and find a resolution.
Can creditor go after you discharged in court for a secured item?
A creditor cant take you to court over a secured debt. However, if they have a security interest in any of your property, they can still foreclose on that property.
How much debt will a creditor garnish for?
depends on what you have agreed with them and the amount. as far as i know, they cant take anything from your checking, savings, etc UNLESS you have in agreement with them and the amount.
If you have a bad debt judgment against you can the creditor take your car?
yes
What does the concept of secured debt mean in finance?
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.
Can a credit card company take life insurance proceeds to pay towards a debt even if the amount is only enough for burial expense?
No, insurance death benefits are exempt from creditor actions.
Can a debt collection company issue a summons for unpaid unsecured debt?
Yes, once a debt collection agency buys your debt from the original creditor they are legally entitled to all of your debt. Therefore, they can take you to court for any unpaid debts, so long as it is the debt they bought from the original creditor and only that debt.
If a creditor garnishes wages for debt can they take your car?
If the debt is on the car, or the car was used as collateral for the loan, YES they can repossess the vehicle!
Once a debt is given to a collection agency can you get the creditor to take it out of the creditor's hands?
Once a debt is handed over to a collection agency, it's typically out of the original creditor's hands. However, it may be possible to negotiate with the creditor to recall the debt from the collection agency, but this process can be challenging and may require convincing the creditor of your ability to repay the debt directly. It's advisable to communicate directly with both the creditor and the collection agency to explore your options and find a resolution.
If a debt on your credit report says 'bad debt write off ' can the creditor still sue you or collect the money?
= If your credit report reports that you have a bad debt write-off, then it means that the original creditor has written off the debt, but they can still sell the rights to the debt to a collection agency and they can contact you and take legal action.
If i don't pay credit card debt can they take my car that is paid off?
If Your creditor get a judgment against you they can sell what property you have to pay the debt. So the answer is Yes.
What makes a secured creditor a secured creditor?
A secured creditor is one who has a contract with you that says if you fail to pay, the creditor can take a specified item you own to satisfy the debt. Most common are purchase-money loans, such as mortgages or car loans, but it can be any item.
Is a secured loan expungable in chapter 7 discharge?
The liability on the note itself can be discharged, but the lien on the property remains- in other words, the creditor cant use the courts to collect the debt, but he can take the secured property if you stop making payments.
