I own one fifth of my dads house and i just recieved a notice saying the credit card company is suing me, there are more to come im sure.can they & in how long put a lein on the housefor the money & how soon can they drain my bank account? they did that 15 years ago & took my paycheck when my son was an infant.
thanks for your help
Debbie
2007-03-20 09:16:12 · 6 answers · asked by debbie111 3 in Business & Finance ➔ Credit
Speaking as a nationally known expert on credit, credit scores and lending (book, radio shows, newspaper columns, etc.)...
Credit card debt is almost always unsecured debt. The law suit can get a money judgment against you. The judgment can be used to force your employer to pay the judgment (25% of your gross pay).
Yes, a judgment can be used to lien real property, but if they do not find that you are vested in title, nothing will happen. I can't make a promise here because I have not done a title search on your property, nor have I done an asset search--both obvious in this forum.
If you live in Texas, the judgment won't matter at all. A few other states offer some protection like FL, NC and PA.
Answer the law suit, appear in court, tell the judge whatever is true, and have a plan for debt repayment. The judge will almost certainly force the credit card company(ies) to work it out with you.
The most dangerous thing is NOT answering the judgment in time and NOT showing up in court. You MUST file your ANSWER with the court by a certain date. Look at the legal complaint.
Not all credit cards sue readily. Some are far more aggressive than others, like Citibank and all of their cards, Direct Merchants, Discover. MBNA can be agressive. Chase is average.
2007-03-20 13:24:58 · answer #1 · answered by supercreditguru 3 · 0⤊ 0⤋
They can sue, yes that is true, they can get a judgment, that is true. They can attach a lien to any real property that you own, That is true. They can garnish your wages, that is also true. The one thing that they cannot do is drain your bank account with out a routing number and they can not take your whole paycheck. Start sending them some money now. Show up in court once you get a date, also quit claim that portion of the home into some one else's name.
2007-03-20 09:29:58 · answer #2 · answered by golferwhoworks 7 · 0⤊ 1⤋
They can not put a lein on the property because , their is other people on title . theonly way would be if you were the only person on title. Take your money out of all accts and wait .
2007-03-20 09:57:58 · answer #3 · answered by Anonymous · 0⤊ 1⤋
You didn't learn your lesson the first time around? What did they do 15 years ago; how long did it take?
2007-03-20 09:28:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋
sell the rest of your dads house to your siblings, and then the ccard companies cant take anything from you. of course your siblings or whom ever else owns the rest of the property, may not buy from you if you cant pay it. sounds like you need a financial class.... good luck.
2007-03-20 09:31:38 · answer #5 · answered by Grandma of six 5 · 0⤊ 1⤋