QUESTION
If I am unable to pay these debts, can the collection agencies take my vehicle once it is paid for to pay these debts?
Asked on Aug 23rd, 2013 on Bankruptcy - New Jersey
More details to this question:
I have a couple credit cards in collections. I have received letters and calls regarding these debts.
5 ANSWERS
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
Only after they get an judgment unless the car was given as security for the debt.
Answered on Aug 30th, 2013 at 11:34 AM
Debt Collection Attorney serving Chicago, IL
Partner at
Edelman, Combs, Latturner & Goodwin, LLC
2 Awards
A vehicle may be executed upon to satisfy a judgment. There is a $2400 exemption in Illinois, which means that the judgment creditor would have to pay you the first $2400. It is therefore unlikely that an ordinary vehicle would be seized.
Answered on Aug 30th, 2013 at 11:34 AM
General Law Attorney serving Cherry Hill, NJ
at
Mark S. Cherry, Attorney at Law, PC
Update Your Profile
Credit card companies must obtain a judgment by suing you before they can attach any assets or garnish wages.
Answered on Aug 30th, 2013 at 11:34 AM
A creditor cannot take any of your property if the property is not collateral for the debt, unless they get a judgment against you. To obtain a judgment, the creditor has to file a lawsuit against you and serve it on you. After the deadline for you to respond passes, the creditor can get a judgment. Then, in order to take your car, the creditor has to go through an extensive process to get a "writ of execution" that directs the Sheriff to take your car. But, this rarely ever happens.
Answered on Aug 30th, 2013 at 11:34 AM
Commercial Collections Attorney serving West Palm Beach, FL
at
Dion & Forsyth, P.A.
Update Your Profile
They would have to file a lawsuit and obtain a judgment. Once they have the judgment they can then seize most assets you have, including the vehicle, to satisfy the judgment.
Answered on Aug 30th, 2013 at 11:34 AM