Legal Question in Credit and Debt Law in Maine
maine debt laws
I have a considerable amount of credit card debt. My question is, can a credit card company take my home or put a lein on it if I can not pay my debts? Can they also garnish my pay check if I can not pay? If I were to file a chapter 7, could I loose my home if I have a lot of equity in it. I would just like to know what I can do to protect my home and what the laws are here in Maine pertaining to unsecured credit card debt.
2 Answers from Attorneys
Re: maine debt laws
You lilely will be able to protect homestead and other assets through exemptions, but before you file, you should investigate potential settlement with creditors for a % of balance. I have done this for a number of clients and same them $1000's of $.
Re: maine debt laws
creditors have all the usual "breach of contract" remedies available to them per se. therefore, they are within their rights to garnish wages, levy bank accounts, and/or place property liens against assets/homes, etc...once a valid judgment is entered in their favor. however, you, as a debtor have rights as well. you may be able to avoid bankruptcy altogether with a debt negotiated settlement law firm like ourselves. we specialize in this area of the law and have helped hundreds of others like yourself successfully negotiate settlements with their creditors in lieu of bankruptcy. we can show you how to protect your assets legally thru the homestead act, wage garnishment hardship laws, etc..contact us directly for greater assistance here.
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