QUESTION
Can a credit card company sell my contract to an investment company that is now attempting to take liens out of my personal property?
Asked on Oct 09th, 2012 on Bankruptcy - New Jersey
More details to this question:
I had a credit card with a major company. Due to health reasons, I have been unable to pay for over a year. The credit card company sold my contract to an investment company, which is attempting to take liens out on my personal property, can they do this and is it legal?
6 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Yes. Consider talking to a competent bankruptcy attorney. But, please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Answered on Oct 14th, 2012 at 8:30 AM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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They have to file a lawsuit, get a judgment and then they have that remedy available.
Answered on Oct 12th, 2012 at 3:32 AM
Dennis P. Mikko
It is a common practice for the credit card company to sell its delinquent accounts to another company for collection. However, before a lien can be placed on your property they would have to sue you and obtain a judgment.
Answered on Oct 12th, 2012 at 3:21 AM
I never heard of this. A credit card balance is typically an unsecured debt. Unless you gave them permission to place a lien on personal property, the credit card company would have to sue you first and obtain a money judgment. The credit card company has no way of knowing what constitutes your personal property unless you disclosed information to them.
Answered on Oct 11th, 2012 at 3:46 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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It depends of the contract (or the judgment). The party assigned the paper from the credit card company has all of the rights of the credit card company. See an attorney with the details of the matter if you have further questions.
Answered on Oct 11th, 2012 at 3:26 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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Yes, it is legal, and they would have to sue to get liens.
Answered on Oct 11th, 2012 at 3:24 PM