QUESTION
If a credit card gets a judgment, can they put a lien on my home and take my IRA accounts?
Asked on Aug 30th, 2011 on Bankruptcy - Virginia
More details to this question:
My credit card debt over $50,000. I don't think I could qualify for bankruptcy. It's been almost a year since I last made a payment on the credit card.
14 ANSWERS
Elvin Garry Grundy
Never ever ignore a creditor lawsuit. A money judgment entered against you in Superior Court for an alleged debt could easily translate into a painful series of wage garnishments or even a lien on your property. Even though retirement accounts are safe from credit card collector judgments, your debt obligation will not simply vanish. Contact a debtor's rights attorney today to leverage your legal rights.
Answered on Sep 07th, 2011 at 10:01 AM
2 Awards
If the creditor gets a judgement, they can put a lien on your home but they can not take your IRA.
Answered on Sep 06th, 2011 at 1:57 PM
It depends on what state you live in, but in most states, a credit card debt reduced to judgment can result in a lien but typically, IRA accounts are exempt from execution.
Answered on Sep 05th, 2011 at 9:01 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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If a creditor gets a judgment they can file an abstract of judgment which is a lien on your property. You are allowed certain exemptions such as a homestead. There are assets other than your home which can be claimed exempt. For instance, an IRA account is exempt from creditors.
Answered on Sep 01st, 2011 at 4:17 PM
Bankruptcy & Debt Attorney serving Longmont, CO
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William Edward Zurinskas
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Applies to Colorado Bankruptcy only: Once a creditor has a judgment against you, they can place a judgment lien against your real property (real estate). Often these liens can be removed in bankruptcy. IRA accounts are generally exempt under Colorado exemption law.
Answered on Sep 01st, 2011 at 10:51 AM
Debtor's Rights Attorney serving Atlanta, GA
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Theodore N. Stapleton, P.C.
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They can lien your house if there is equity but not your IRA. You may qualify to file a chapter 7 bankruptcy case and discharge the judgment.
Answered on Sep 01st, 2011 at 10:44 AM
Daniel James Wilson
To answer your question, yes a judgment creditor can put a lien on your home. However, it is very difficult to foreclose a judgment lien on a residence in Colorado. The lien will stay there until you want to sell or refinance, when it will have to be satisfied in order to get a marketable title. Why don't you think you "qualify" for bankruptcy? With $50k in credit card debt you are a prime candidate for Bankruptcy.
Answered on Sep 01st, 2011 at 10:36 AM
Bankruptcy Attorney serving Cleveland, OH
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Benson Law Firm
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A judgment lien will attach to any property you own, including your house. A qualified retirement account, on the other hand, is exempt.
Answered on Sep 01st, 2011 at 10:16 AM
judith runyon
They can record a judgment and it automatically attaches to any real property you own, but they probably couldn't get your Ira.
Answered on Sep 01st, 2011 at 8:48 AM
Family Law Attorney serving Indio, CA
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Law Office of Xochitl A. Quezada
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They can put a lien on your property. Before they do that, they will most likely garnish your wages or levy your bank accounts. If your bank account is with the same creditor, they will definitely levy your accounts if they already haven't.
Answered on Sep 01st, 2011 at 7:29 AM
Glen Edward Ashman
If a credit card sues you they will get a lien on your home, can attach your bank accounts and can take your wages. Almost everyone "qualifies" for some form of bankruptcy, be it 7, 13 or 11. That should be discussed with lawyers before anyone sues. Then you can decide if that is an option or not.
Answered on Sep 01st, 2011 at 5:39 AM
Alternative Dispute Resolution Attorney serving Ventura, CA
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Zahn Law Office
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They can place a lien on property and they can request a levy against bank accounts, although your retirement accounts may be protected. You may qualify to file for bankruptcy based upon your debt.
Answered on Sep 01st, 2011 at 5:18 AM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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Yes to lien on home. No to lien on IRA.
Answered on Aug 31st, 2011 at 9:02 PM
Bankruptcy Attorney serving Herndon, VA
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Maureen O'Malley
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You should first see a lawyer about whether you qualify. Normally they garnish wages or freeze a bank account or just let the judgment sit and collect interest.
Answered on Aug 31st, 2011 at 9:01 PM