Explanation of what an asset it.
Date: Tue, 07/20/2010 - 21:26
What Exactly an Asset Is and When It Can Be Used Against You
According to Webster???s Dictionary the definition of an asset is sufficient property to pay debt or legacies. That really doesn???t tell you anything when it comes to what you can be sued for or what a creditor can actually use against you in a court of law.
Note: If you owe money to the IRS, child support, court-ordered fines, or federal student loans they can pretty much put a lien on whatever asset that you have. This includes: homes, wages (disability, actual employment, and unemployment) cars, boats, trailer or mobile homes, bank accounts, pretty much whatever they can get their hands on. This doesn???t mean that they will attach these assets to whatever you owe???..It just means that they can.
Now let???s get to the rest of our creditors. Depending on whom you owe the money to will decide what they will actually attach to your debt. This is based a lot on whether you are dealing with a debt buying agency or a contingency one. If they bought the debt they can attach what assets they see fit, if the judge allows it. On a contingency based agency they can only attach the assets that the original creditor allows to be attached. (If you haven???t read the section on how to know what agency you are dealing with go back and do that, then come back to here.)
Here is what by law in almost every state they can attach to your debt. Your home. In some states personal property cannot be attached to your debt. Your wages can also be garnished; this doesn???t include Disability or Unemployment. When this happens the courts will order a certain amount depending on your state of your gross pay taken out of your check and given to your creditor before you even get the check. (There are four states that don???t allow wage garnishments by state law: Texas, Pennsylvania, North and South Carolina.) The last thing that they can attach as an asset is your bank accounts. This is usually not done unless they can???t attach any of the other assets to you.
To learn how to protect your assets from your creditors and for the future and how to literally erase debt go to http://www.beatdebttoday.com
-Don-
According to Webster???s Dictionary the definition of an asset is sufficient property to pay debt or legacies. That really doesn???t tell you anything when it comes to what you can be sued for or what a creditor can actually use against you in a court of law.
Note: If you owe money to the IRS, child support, court-ordered fines, or federal student loans they can pretty much put a lien on whatever asset that you have. This includes: homes, wages (disability, actual employment, and unemployment) cars, boats, trailer or mobile homes, bank accounts, pretty much whatever they can get their hands on. This doesn???t mean that they will attach these assets to whatever you owe???..It just means that they can.
Now let???s get to the rest of our creditors. Depending on whom you owe the money to will decide what they will actually attach to your debt. This is based a lot on whether you are dealing with a debt buying agency or a contingency one. If they bought the debt they can attach what assets they see fit, if the judge allows it. On a contingency based agency they can only attach the assets that the original creditor allows to be attached. (If you haven???t read the section on how to know what agency you are dealing with go back and do that, then come back to here.)
Here is what by law in almost every state they can attach to your debt. Your home. In some states personal property cannot be attached to your debt. Your wages can also be garnished; this doesn???t include Disability or Unemployment. When this happens the courts will order a certain amount depending on your state of your gross pay taken out of your check and given to your creditor before you even get the check. (There are four states that don???t allow wage garnishments by state law: Texas, Pennsylvania, North and South Carolina.) The last thing that they can attach as an asset is your bank accounts. This is usually not done unless they can???t attach any of the other assets to you.
To learn how to protect your assets from your creditors and for the future and how to literally erase debt go to http://www.beatdebttoday.com
-Don-
Unsecured Credit Card Debt MEANS they CANNOT attach ANY personal
Unsecured Credit Card Debt MEANS they CANNOT attach ANY personal property!!!
Quote:Originally Posted by AnonymousUnsecured Credit Card Debt M
Quote:
Originally Posted by Anonymous Unsecured Credit Card Debt MEANS they CANNOT attach ANY personal property!!! |
Sorry but just not true. No you didnt pledge any specific property as collateral for the loan but if they sue you, win and execute their shiny new judgment then YES they can take any property not specifically exempt by your states law.
Some states allow you to keep more, some states less. All states allow you to keep SOMETHING exempt from Levy/Attachment.
Not sure how this works with IRS seizing assets though as they seem to play by their own rules, which they make up as they go.