' Seizure of Personal Property - Law Offices of Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

What Do I Need to Know about Property Seizure?

Property Seizure Tampa, St Petersburg, And Pasco Florida.One of the scariest things that can happen when you’re dealing with out-of-control debt is property seizure. Creditors might legally be allowed to take things you own to satisfy debts and when you file for bankruptcy, the bankruptcy trustee might have the authority to seize certain property.

What Should You Know about Property Seizure?

Seizure of property is legal, but laws regarding the seizure of property might vary from state to state. Though the seizure process is similar to repossession it is not exactly the same, so you shouldn’t assume if an asset is protected from repossession that the same will be true for seizure.

To learn more about how repossession works and how it differs from property seizure, check out this information from Edmunds.com.

To seize property, a creditor must file a lawsuit and prove the debt is valid.

If successful, they will be granted a judgment of the court and move forward with the seizure attempt. They must continue to abide by the law, but once the judgment is received there’s a good chance their efforts to seize your property will be successful.

Why Isn’t Seizure of Property More Common?

There are a few reasons why creditors don’t seize property even when you owe them money. One of the biggest reasons is because it’s an expensive process for them.

In order to make the process worth their investment of time and money, your debt needs to be fairly significant and your property needs to have enough value to satisfy that debt.

One of the most common assets creditors attempt to seize are bank accounts. This is due in part to their not having to work that hard to liquidate the property – there’s nothing to sell because the asset is already in cash.

A creditor, armed with a legally obtained judgment, can seize your savings or checking account, or freeze the funds through an attachment and take what they want to satisfy their debt. They gain access to not only the principal but also the interest earned on the account.

Though it’s less common, some creditors seize physical assets, like vehicles. This can be an expensive endeavor for a creditor, but if you’ve built up a large enough debt with them and they know you own property with a significant amount of value, it might be worth their time and money to seize it.

How Bankruptcy Stops Property Seizure

The good news is there is something you can do to stop the property seizure process.

Bankruptcy creates something called an automatic stay, which stops all debt collection efforts against you the moment you file and it protects your ownership of the property, at least temporarily. Property seizure is included in the automatic stay. And depending on whether or not the property in question falls under a state or federal exemption, you might be able to retain ownership in the long-term, too.

Chances are a creditor won’t bother trying to seize physical assets, but if you believe this is happening, filing for bankruptcy will stop it. Most commonly, you’ll need bankruptcy to protect your bank accounts and prevent seizure of the money you have in a checking or savings account.

For more information or to learn about the protections bankruptcy provides, contact the Law Office of Robert M. Geller at (813)254-5696.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Will Bankruptcy Affect My 401k?

Bankruptcy can be a difficult decision. It’s one that has long-lasting effects on your financial future. One question that often...
Read More

Can Filing for Bankruptcy Affect Your Job?

Filing for bankruptcy can be a challenging decision that is fraught with many concerns. Among them is the fear that...
Read More

Can You Cancel a Bankruptcy?

Bankruptcy is an option that can save individuals and businesses from financial ruin. However, the process can be a long...
Read More

Does Bankruptcy Clear Child Support Arrears?

Bankruptcy is a legal process that provides relief to individuals who cannot pay their debts. One common question among individuals...
Read More

Is Alimony Dischargeable in Bankruptcy?

One of the biggest concerns that people have when considering bankruptcy is the effect on their financial obligations, including spousal...
Read More

Should You File Bankruptcy Before or After Divorce?

Marriage and finances can be a tricky combination. Timing is also an issue when it comes to filing for bankruptcy....
Read More

What’s Better Bankruptcy or Debt Settlement?

The idea of being trapped in debt can be overwhelming and all-consuming. Financial struggles can happen to anyone through no...
Read More

Can I Keep One Credit Card During Bankruptcy?

The decision to file for bankruptcy is never easy. People considering this option often struggle with financial stress, debts, and...
Read More

How Does Inflation Affect Credit Card Debt?

Credit card debt can be overwhelming. This is especially true during times of inflation. What is Inflation? Inflation is a...
Read More

Can Personal Bankruptcy Affect My Business?

If you’re a business owner considering filing for bankruptcy, it’s important to understand how this decision impacts your business. From...
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

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
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) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions