As far as I know they cant. But the only sure way to resolve that problem is pay the card bills.

 

Good Question... I am not qualified by any means but i bet if they wanted to they would put a lien on it to ensure they get their money if and when you decide to sell it. I dont know that they can take ownership of it outright, I would hope nobody would have charged so much money on their card to where it would equal what a peice of property costs. I bet different states have their own rules, interesting question though.

 

Yes, if you owe them and you have any assets that they can collect on, they will. You can do some research on Chapter 13 bankruptcy that explains about "repayment of debt". I know you didn't mention Ch 13 but it still helps in understanding the rights of creditors.

 

Under current laws in my state, you can file a "Homestead Declaration" on your home and it is protected against liens. I had mine filed before I paid it off and had to refile when I recorded the quit claim and had the deed issued in my name.

I don't believe the rest of your titled property (vehicles) can be protected like that.

You can create a corporation (LLC) to hold ownership of titled property. I've only read about this and I'd like to hear more myself.

 

Under current laws in my state, you can file a "Homestead Declaration" on your home and it is protected against liens. I had mine filed before I paid it off and had to refile when I recorded the quit claim and had the deed issued in my name.

That's a shame people can skip out on their debs.

 

I believe the bankruptcy laws protect a certain level of assets. They cannot take your car up to a certain value. They also cannot touch personal property up to a certain value (things such as clothing, furniture, etc.)

So that should give you a good idea of how bad it could get if you are not able to pay your bills.

If you didn't put anything up as collateral then nothing is owed the creditor specifically. It is considered unsecured debt.

Here is more info on the property that is protected.
http://www.intelligenius.net/what-is-protected-when-filing-bankruptcy

 

If a CC company "writes-off" or cancels any of your debt as noncollectable, they send IRS Form 1099-C "Cancellation of Debt". The year this form is issued, the amount of the cancelled debt will be considered taxable income by the IRS.

 

Ok, first I'm not giving you legal advise.

Yes, it is possible for a CC to lien your property, foreclose and have it sold at auction. Individual state laws vary on the process and the amount of “creditor exemption“ will also vary between 5,000 and 100,000.

It is rare for a CC company to do this because:

1. CC's are considered unsecured debt and CC Companies would be last in line after sale and subordinate to all secured debt holders.

2. Legal fees may exceed cost of debt after sale and or “creditor exemption“ amount may be more than value of property at which point there is no gain to foreclose for the CC company. (again state laws vary)

Consulting a lawyer in your state would be a great start to putting your mind at ease.

 

I live in a trailer, and owe to a credit card company. I told them to come with a big truck and I will give it to them for the balance. They were not warm to this offer.

 

Maddie, I suspect that this is something that the STATES decides. That means that any advice that I give for how things work in my state will not work in yours.

Why don't you google this question for your state?

Sorry I could not be of more help!

 

No i didn't miss it. I am saying if someone owes a valid debt regardless of type they shouldn't be able to skip out on it.

 

CC leins

In my state , a CC company must go to court and get a judgment by winning their case in court . They may take this judgment and have your wages garnished . If the CC was in your name only , they may not touch any thing that is jointly owned by you and someone else . When you die your estate does not get the debt , it just goes away . There is something called a look back provision , which could come into play if you try to sell your assets to avoid payment. At the present time CC companies are settling for between .20 -.50 on the dollar .

 

In my state , a CC company must go to court and get a judgment by winning their case in court . They may take this judgment and have your wages garnished . If the CC was in your name only , they may not touch any thing that is jointly owned by you and someone else . When you die your estate does not get the debt , it just goes away . There is something called a look back provision , which could come into play if you try to sell your assets to avoid payment. At the present time CC companies are settling for between .20 -.50 on the dollar .

That last piece is so interesting. When we consider that they lent money that was manufactured FREE to the bank through fractional reserve banking, it is just sad.

That fact doesn't negate the fact that the borrower did make a promise to pay it back. But the hypocrisy of the cc company feigning a loss when they never really did anything except key strokes on a computer to come into possession of the dollars to lend it is startling.

For those who may not know was fractional reserve banking is:
Here is a great video explaining it.

Here is part 1 of 5
http://youtu.be/oguCNqCE0Kc?t=21s

The entire 5 parts is well worth watching.