2007-09-23 09:36:12 · 3 answers · asked by debra b 1 in Business & Finance ➔ Personal Finance
They have the same rights as any creditor within the statute of limitations. They can take legal action against you to secure the monies owed them with a judgment.
If they do take that avenue, then your personal properties are at risk. With proper legal steps, they can seize your bank accounts (levy), put a lien on your property, and take a percentage of your salary from your employer (garnishment).
It is always best to try to maintain some type of correspondance with your creditors to keep them from taking the legal action against you. Most are willing to work out payment arrangements of some kind, if you show to them a willingness to repay your debts.
2007-09-23 11:02:28 · answer #1 · answered by haggamuffn 2 · 0⤊ 0⤋
They can take you to court ,
Get a judgment ,
Get authorization for wage garnishments or whatever other means they choose to settle the judgment .
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2007-09-23 16:42:02 · answer #2 · answered by kate 7 · 0⤊ 0⤋
If they take you to court and get a judgement, they can attach (take) your assets or garnish your wages to satisfy your debts.
2007-09-23 16:56:01 · answer #3 · answered by Judy 7 · 0⤊ 0⤋