is 14,000 worth of debt something collectors would repossess property and more for?
Thursday, May 21st, 2009 at
10:31 pm
for example if somone owed 14,000 dollars to an insurance company, and it wasnt paid, what would the insurance company do? for example could they take the property of the person who owed the debt if they owned a lot in south dakota worth 2,500 dollars.
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Tagged with: Debt Collectors • Insurance • Insurance Company • South Dakota
Filed under: repossess property
sorry to hear this, but anything over 10k is going to get a lot of attention from debt collectors,
No they can not take any property what they can do is take you to court get a judgment and then attach bank accounts, garnish wages (if your State allows it) and file liens on any real property you may own like cars, boats, land and homes.
This will prevent you from selling any of the property without paying the lien out of the profits.