' Can They Take Your House for Credit Card Debt? - Law Offices of Robert M. Geller, P.A.
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Can They Take Your House for Credit Card Debt?

can they take your house for credit card debtLiving with debt is a reality for many Americans. Some people manage to keep up with certain debts, such as their mortgage or car payments. But credit card debt is often trickier to manage. Credit card interest rates can be exorbitant, making it difficult to pay off the balance. As a result, many people are faced with the possibility of losing their assets, including their homes.

If you’re struggling with credit card debt, you might be wondering whether or not credit card companies can take your house for credit card debt and want to know more about the steps you can take to protect yourself.

What Credit Card Companies Cannot Do

First and foremost, it is important to understand that credit card companies cannot simply take your house if you fall behind on payments. Not even your mortgage lender could do that without involving the court system.

To take your home, there must be a legal judgment against you. Lenders must obtain a judgment before any action can be taken. This means that the credit card company must file a lawsuit against you and win in court before they can take any property.

Furthermore, in some states, homestead exemptions protect your home from creditors. This means the court won’t even grant them a judgment that affects your home unless they’re your mortgage lender.

What Can Credit Card Lenders Do?

If a legal judgment is made against you, it is possible that the credit card company may attempt to garnish your wages, put a lien on your property, or seize your bank accounts. They can’t directly take your home, but the actions they take could affect your home and other assets.

In this case, it is important to consult with an attorney to understand your options and what steps you can take to protect your assets.

What Can You Do for Protection?

One way to protect your home from creditors is to avoid putting assets in joint names. If a credit card is in your name only, then the creditor can only go after your assets. Additionally, it may be helpful to consider filing for bankruptcy. While bankruptcy is often seen as a last resort, it can allow you to discharge your credit card debt and protect your assets from creditors.

Another option is to negotiate with your creditors. In some cases, credit card companies may be willing to settle for a lower amount than you owe. This can be an effective way to avoid legal action and protect your assets. It is important to remember that negotiating with creditors can be a difficult and time-consuming process, and it is often best to seek the assistance of a professional.

Lastly, consider seeking the assistance of a credit counseling agency. These agencies can provide you with advice on how to manage your debt and develop a plan to pay it off. They can also negotiate with your creditors on your behalf and help you avoid legal action. This isn’t the best option in all situations, but it’s something you can consider among your options.

Managing debt can be a difficult and stressful process, especially when faced with the possibility of losing your home. However, it is important to remember that credit card companies cannot simply take your assets without a legal judgment. By understanding your options and seeking the assistance of professionals, you can protect your home and develop a plan to manage your debt. Remember, it is never too late to seek help and take control of your financial situation.

If you’re looking into a Chapter 7 bankruptcy, you could take the calculator below to estimate if you qualify as a first step to evaluating your options.

For more information about managing credit card debt, contact the Law Offices of Robert M. Geller at 813-254-5696 to schedule a free consultation with an experienced attorney.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Will My Landlord Know If I Filed for Bankruptcy?

Filing for bankruptcy can be a daunting decision. If you’re a tenant, you may worry about how this decision affects...
Read More

Should I File Bankruptcy without a Lawyer?

Filing for bankruptcy can be a daunting process. Many people wonder if they should tackle it alone or hire a...
Read More

How Does Bankruptcy Affect My Credit Score?

Filing for bankruptcy is a significant decision. It can have a lasting impact on your financial future, especially your credit...
Read More

Can You File Bankruptcy on a Title Loan?

If you're struggling with debt and have a title loan, you may wonder if bankruptcy can help you escape that...
Read More

Will Bankruptcy Affect My Security Clearance?

When you're facing financial difficulties, the prospect of bankruptcy can be daunting. This concern is amplified if you hold or...
Read More

What is Involuntary Bankruptcy?

Bankruptcy is a legal process that allows individuals or businesses to resolve their debts under the protection of a bankruptcy...
Read More

Is It Bad to File Bankruptcy at a Young Age?

Filing for bankruptcy is often viewed as a last resort for those overwhelmed by debt. While it is a significant...
Read More

How Far Back Does the Bankruptcy Trustee Look?

Filing for bankruptcy is a complex process that requires full transparency and cooperation with the bankruptcy trustee assigned to your...
Read More

Can Bankruptcy Be Reversed?

Bankruptcy is a legal process designed to help individuals and businesses eliminate or repay their debts under the protection of...
Read More

Can I Sell My House While in Bankruptcy?

Filing for bankruptcy can be a complex and stressful experience, especially when it comes to your significant assets like your...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.536.4468

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 328-6667
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 274-9155

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 492-2663

Map And Directions