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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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Struggling with debt?
Debt is used to buy a home, pay for bills, buy a car, or pay for a college education. According to the NY Federal Reserve total household debt as of Q1 2024 was $17.69 trillion. Auto loan debt was $1.62 trillion and credit card was $1.12 trillion.
A significant percentage of people in the US are struggling with monthly payments and about 26% of households in the United States have debt in collections. According to data gathered by Urban.org from a sample of credit reports, the median debt in collections is $1,739. Credit card debt is prevalent and 3% have delinquent or derogatory card debt. The median debt in collections is $422.
Each state has its rate of delinquency and share of debts in collections. For example, in West Virginia credit card delinquency rate was 5%, and the median credit card debt was $410.
Avoiding collections isn’t always possible. A sudden loss of employment, death in the family, or sickness can lead to financial hardship. Fortunately, there are many ways to deal with debt including an aggressive payment plan, debt consolidation loan, or a negotiated settlement.
