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Can a credit card company seize my rental property to satisfy a judgment? I live in Florida.
A credit card company has gotten a judgment against me I have a rental property that helps pay my mortgage and other bills can they seize the property and sell it or can they just put a lien on it. I live in the state of Florida.
The short answer to your questions is yes, if a creditor receives a judgment from a Florida court (or a Florida court domesticates another state's judgment), the creditor can either ask the court to attach the judgment-debtor's property, or place a lien on it. A creditor may not seize a judgment-debtor's residence under Florida law.
See the Bills.com resource Florida Collection Laws to gain an understanding of Florida's rules for creditors, and the rights of debtors.
It is unlikely, however, that a credit card company would seize real property for an unsecured debt purely from a public relations standpoint. However, there is no legal prohibition from it doing so on an investment property.
I hope this information helps you Find. Learn & Save.
Best,
Bill
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Did you know?
If you are struggling with debt, you are not alone. According to the NY Federal Reserve total household debt as of Quarter Q1 2024 was $17.69 trillion. Student loan debt was $1.60 trillion and credit card debt was $1.12 trillion.
According to data gathered by Urban.org from a sample of credit reports, about 26% of people in the US have some kind of debt in collections. The median debt in collections is $1,739. Student loans and auto loans are common types of debt. Of people holding student debt, approximately 8% had student loans in collections. The national Auto/Retail debt delinquency rate was 4%.
The amount of debt and debt in collections vary by state. For example, in Delaware, 29% have any kind of debt in collections and the median debt in collections is $1692. Medical debt is common and 16% have that in collections. The median medical debt in collections is $706.
To maintain an excellent credit score it is vital to make timely payments. However, there are many circumstances that lead to late payments or debt in collections. The good news is that there are a lot of ways to deal with debt including debt consolidation and debt relief solutions.
