Can Unsecured Creditors Take My House? Can unsecured creditors take my house? A judgment lien prevents you from selling or transferring ownership of the property without first paying off the debt and releasing the lien. The amount of time a judgment remains valid varies by state, but in California, judgments are valid for 10 years.
Can My House Be Seized By Creditor? Can my house be seized by creditor? If you do not pay the judgment, the judgment creditor can garnish or “seize” your property. The judgment creditor can get an order that tells the Sheriff to take your personal property, like the money in your bank account or your
What Does Default Mean Does It Occur Only When Borrowers Fail To Make Scheduled Loan Payments? What does default mean does it occur only when borrowers fail to make scheduled loan payments? What does default mean? Does it occur only when borrowers fail to make scheduled loan payments? Default means that the borrower has failed
Can A Credit Card Company Repo Your Car? If you happen to default on your car loan, your creditor is allowed to repossess your vehicle without being granted a judgment in court, since the car is used as collateral for the car loan. Can credit card companies come after your car? Credit card debt, unlike
How Long Must Debts Be Repaid Under Chapter 13? As a result, most unsecured debt is discharged once the plan has concluded in three to five years. Unlike unsecured debt, secured debt (e.g. mortgages and car loans) must be made current under Chapter 13 plans, if foreclosure of the house or repossession of the collateral