Legal Question in Credit and Debt Law in Pennsylvania

Credit Card

I have two credit cards. One has a 10,000 dollar limit and the other 9,000

I own my own home ( payed off , no morgage ) my own car ( payed off ) and i have a bank account with a bit of money in and a CD worth 100,000 collecting intrest.

Both cards at the moment I have maxed out ( a vaction was put on one and house items another )

Can the credit agency by law seize my home , car bank account and CD to settle this debt?

Can they seize my home and car and only freeze my bank account and CD ( does the CD stop collecting intrest? )

Basically , what can the credit compnay do to me to settle this debt?


Asked on 10/31/07, 3:52 pm

1 Answer from Attorneys
Roger Traversa Arjont Group (Law Office of Roger Traversa)

Re: Credit Card

You asked about debt collection.

A creditor holding a defaulted debt can collect in a number of ways. The first is called dunning. That means that a collector will call and send letters repeatedly until the either collect the debt or determine it's futile.

After dunning, or even instead of, the creditor can sue for performance, repayment of the debt. The matter will go to court and you will be allowed to present a case.

Unless there are extenuating circumstances the judge will find for the plaintiff(s) and order a judgment for the debt, plus the agreed interest and very likely the costs of the collections efforts.

The creditor will file this judgment will the prothonotary and will seek to enforce it. The creditor can attach, and even seize any of your assets but will most likely go after the liquid assets first. You do not seem to be a candidate for bankruptcy so you may very well be looking forward to a full bore collection effort.

Hire an attorney and start scrounging for cash to pay the debt and the lawyer.

Regards,

Roger

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Answered on 10/31/07, 9:12 pm


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