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Old 03-04-2010, 08:45 PM
 
6 posts, read 15,662 times
Reputation: 15
Default Can a creditor take your property?

I'm being sued due to loans I had taken to invest in a business that has since failed miserably. I have paid what I can put there are still loans that I can't simply paid anymore. Now I'm being sued. Can they take my car and house away? I have no more payments on my car. I'm still paying mortgage on my house. Please help.

Last edited by Bo; 03-05-2010 at 09:03 AM.. Reason: Moved from Texas forum.
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Old 03-05-2010, 03:20 AM
 
Location: Texas
14,023 posts, read 8,865,297 times
Reputation: 7373
You really need to talk to a lawyer.
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Old 03-05-2010, 06:43 AM
 
Location: Seaford, Delaware
3,338 posts, read 9,456,429 times
Reputation: 2161
There is not a yes or no answer to that question. It depends on too many factors. Get advice from a lawyer or at least an accountant. Don't say you can't afford it, an initial consultation is less costly than doing nothing.
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Old 03-05-2010, 09:49 PM
 
Location: Somewhere in northern Alabama
11,100 posts, read 24,024,770 times
Reputation: 13161
Generally, a lien can be placed on a house. It would be satisfied when the house is sold but as long as you kept up the mortgage and taxes, they couldn't force a sale. If your car is old, chances are a judge would dis-allow taking it because it could prevent you from getting and keeping a job. If you have a newer car, or two cars, you takes your chances. As others have said - see a lawyer. This is just generalities to give you an idea of what could happen.
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Old 03-05-2010, 11:01 PM
 
Location: Houston, Texas
10,428 posts, read 27,687,716 times
Reputation: 9518
The guy has no money. How is he going to see a Lawyer? Yea yea yea I know some advertise free consultation but we all know that word free is real vague with a Lawyer. Even if you found one that would give you 10 minutes that basically explain your rights, he would want a retainer fee to do anything.

Nearly every city/town has a county Legal Aid which provides free legal services to needy people. You will have to income qualify to receive this and you will not get first rate service but 2nd rate is better then no rate right?

When a creditor threatens to take something of yours then threaten them right back. No one can take your property without a court order. That means they have to take you to court and plead their case to a Judge who will award that judgement. And if you do not show up for that hearing you lose everything. Creditors rely on the fact that very very few people ever show up in court. They even use tricks so that you are never served the papers on time. It's quite a racket going on.
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Old 03-06-2010, 02:39 PM
 
Location: Planet Eaarth
8,958 posts, read 7,128,941 times
Reputation: 7193
Quote:
Originally Posted by stillkit View Post
You really need to talk to a lawyer.
While others will offer opinions on what to do this is the only advice to listen to. Failure to engage legal counsel can be disastrous for you now!

So get a move on, mate! Hire a legal counsel NOW!
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Old 03-06-2010, 03:28 PM
 
Location: State of Superior
7,930 posts, read 7,539,925 times
Reputation: 2176
So much depends on the State you live in. In Florida for example , your house is always protected , even in BK. Not so in some other States, depends also on what your net worth is.... You need to have Legal advice , but , you should know beforehand what the basic laws are. Everything you want to know is available on the net. Get Googleing.
Being incorporated can save your A**. depending on how much you are being sued for also will make a difference. Problem is , all these protections can not be done after the fact....don't fall in that trap !.
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Old 03-10-2010, 09:28 PM
 
6 posts, read 15,662 times
Reputation: 15
Thank you all for the advice.
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Old 03-11-2010, 09:23 AM
 
Location: Sverige och USA
702 posts, read 1,880,729 times
Reputation: 381
Did you create an LLC or corporation for your company? If so, I don't think you are personally liable for the money owed for the business. However if you were a sole proprietor, then they can come after your personal assets.
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Old 03-11-2010, 11:41 AM
 
40,871 posts, read 42,001,653 times
Reputation: 12247
ou need a attorney and state laws vary alot.
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