Can my creditors take my house?

I have nearly $100k in credit card debt on 10 different cards. I own a house that I live in with my wife but she is not on title. If my creditors win a lawsuit can they force the sale of my home to satisfy the judgement?

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Nov 02, 2011
Can my creditors take my house?

If the credit card companies sue you for the money you owe to them and win judgments against you, they have a number of different options for collecting on the judgments. They can get permission from the court to garnish your wages although garnishment is not permitted in some states; they can levy against your bank account, which will allow them to take the money in your account; they can seize assets that you own or they can put liens on those assets so that you cannot sell the assets or transfer them to someone else without paying the amounts of the liens first.

You should also know that every state has a law that exempts (protects) certain assets from the collection actions of their creditors. I don't know what state you live in, but you can find out what assets are protected in your particular state by googling "exempt assets in (name of your state)". If you live in Texas for example, your home is fully exempt -- protected from your creditors.

Given your concerns and the large amount of money that you owe to credit card companies, I strongly urge you to schedule a free consultation with a consumer bankruptcy attorney immediately. You can use bankruptcy to get rid of your credit card debt and to get a financial fresh start in life. Go here to schedule a free consultation with a bankruptcy attorney.

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