Re: Can credit card companies take your home, cars or property?

Posted by JKelly (141.151.91.180) on June 02, 2004 at 10:47:14:

In Reply to: Re: Can credit card companies take your home, cars or property? posted by kelly from nevada on June 02, 2004 at 04:19:08:

Follow Why Chat's advice. I will add a little. NC is a tenants by the entirety state. That's why they can't touch your home as long as the debt is individual (your husband's). I also got into a position where I just couldn't pay. (accident) I too had excellent credit until that time. This was my strategy, and it worked pretty well. I IGNORED CAs. Tried to reason with the original creditors, paid minimum for awhile(that was a waste of money) and eventually just couldn't pay credit cards anymore.
I had 13 cards, bank cards, store cards, you name it. I actaully put my machine on fax during the worst of it. After the calls slowed down, I watched caller ID and let the machine pick up. CAs lie and threaten. They will tell you that they can take your firstborn, and they would if they could! Protect your assets NOW. As I mentioned your home is safe, vehicle is probably safe. NC has a wild card for 3500 and most cars, even nice cars are not worth that much at auction, and there are a lot of costs to seize a car and auction it off. If it is in both of your names, they have to give you half the value right off the top. So, the vehicle is probably safe. Protect your banking info. If you have ever used your current bank account to pay this debt, they have your banking info. Close the account, or leave a very small balance and open a new account in a different bank with you as primary. Protect assets now, especially banking info. OPT OUT. Don't let CAs harass you. They can't harass you if you don't let them. Consider bk. Out of the 13 cards, I was sued in the end by one card. I filed bk at that time. Bk is a fresh start, my only regret is that I waited to long to do it. Good Luck.

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