Asset Collection
Date: Tue, 08/18/2009 - 13:24
i know about bank accts and wage garnishment, but can they just barge into your house and start taking stuff without knowing who's it is or proof that you own it?
I doubt that they could easily do that. If they could prove tha
I doubt that they could easily do that. If they could prove that you had vluables, they could get an order to surrender the items to them. This would be things like jewelry, collectible firearms, etc. Most personal items would not be worth it to them. It would cost them more to take possession of the items, and then sell them. They would probably take a loss on the transaction.
They would have to show proof of ownership. If you transferred assetts, that would also be a problem. The car is not an issue. There is already one lien on it, so they would have to put a secondary lien, which they could not enforce until after the finance company releases theirs.
For the most part, they want cash. They aren't in the auction business. It would have to be something of extreme value fot a creditor to try to sieze it.
