Legal Question in Credit and Debt Law in California

You are personally liable for all of the debt. The bank can obtain a judgment and garnish your wages and potentially attach your bank accounts. Your house is safe from a lien unless you used the equity in the house as collateral. Your retirement savings are safe as well, until you begin drawing from them, then the cash payments are subject to taking.

Depending on the amount owed and your current financial situation, you may want to consult with a bankruptcy attorney to see if you can eliminate the debt and keep your possessions.

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I generally agree with Mr. Jordan, but I can't imagine why he says your house is safe from a lien. Once I obtain a judgment, the first thing I do is record an abstract of judgment which puts an instant lien on any real property the defendant owns. Whether a judgment creditor can execute on the lien and have the property sold by the sheriff for the debt depends on how much equity is in it, but that the creditor would get a judgment lien that would have to be paid off if the property was sold, is virtually certain.

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