What can and cannot be taken by collecting agencies?

Answer 1

If the debt is secured by an asset, such as a car, they can take that item. This usually is not the case by the time the debt goes to a collection agency. Other than that, collection agencies can't take anything without suing you first. After winning a lawsuit, they can take whatever they can convince the court to let them take and nothing more.

Answer 2

This is the great thing about america, if its a default car loan they can take the car, if its a default morgage they can take the house,

but for an unsecured credit card a whole slew of things have to happen before they garnish your wages like - court order, a few months of threats, a few settlement offers.

Also don't ignore them, they just want a resonable conclusion like you. See what you can negotiate.

Answer 3

The only things they can take, and this is only with court action, are items which you promised as collateral against their loans or credit cards. Credit cards usually don't have anything as collateral, so they can only go to court for a judgment against you and possibly garnish your wages. Car loans and mortgages are guaranteed by the car or house you bought, so they can repossess or foreclose them.

Answer 4

Absolutely nothing. The compny in which you financed your goods trough can reposses the goods. Collection agencies can only attempt to collect owed money and fees.

Answer 5

They can't take away your birthday, so don't take any guff off of them. They also can't take away your next of kin, so you're safe there as well. Anything else, except your retirement is fair game unless you file for bankruptcy or pay state ordered child support. I don't know what state you live in, but they can't take any more than 25% to 50% of your takehome pay (less prior garnishments.)

Answer 6

they can garnish your wages they can take a car if that's it, possibly take your income tax return