Legal Question in Credit and Debt Law in Utah

Can a credit card company take your home because you owe them money? I have a court date (1/8/2010) to disclose all of my real and personal property. I own a home and two automobiles. I am currently employed one day a week, I make $123.00 every two weeks. We have no funds other than this meager income.


Asked on 12/28/09, 4:55 pm

1 Answer from Attorneys
Alvin Lundgren Alvin R. Lundgren, L.C.

This meeting is to determine which non-exempt assets you have tht the creditor can attach. They are looking mostly for cash or assets that could be easily sold. You need to have equity in your assets or own property free and clear. If you have equity, the property is sold, the company you owe is first paid, then the amount owed the credit card would be given to them, you get any remainder. Because sheriff sales are so poorly conducted, there must be a lot of equity money to justify the cost of the sheriff sale.

Make sure you talk to the credit card lawyer about property that is exempt. For example, you are entitled to about $1500 of equity in your cars, the credit card company cannot take income that is less than minimum wage, etc.

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Answered on 1/02/10, 7:18 pm


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