Can a credit card company put a lein on my bank accounts

Asked about 6 years ago - San Jose, CA

Can a credit card company put a lein on my bank accounts?

Additional information

If this a joint account?

Attorney answers (3)

  1. Michael Forest Day

    Contributor Level 7

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    Lawyer agrees

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    Answered . Yes. First, it must sue you for the unpaid balance on your account. If it wins, it can attach any assets you may have. In practice, however, this generally doesn't happen. The issuer will "charge off" your account after it has been delinquent for 180 days. Both before and after charge-off (especially after), the issuer generally will be receptive to an offer to settle your debt for less than the full amount. I'd urge you to negotiate with them; you can usually get a reasonable deal that will be a win-win for both you and the bank. At some point after charge-off, many card issuers will sell your charged-off account to a third-party debt buyer at a small fraction of your unpaid balance. The debt buyer also will be very receptive to setlling your account at less than full value, but you'll often get a better deal (and nicer treatment) from the card issuer.

  2. Gabriel Cheong

    Contributor Level 16

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    Lawyer agrees

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    Answered . Note that I am not licensed to practice in your state.

    They can garnish or attach funds in your bank account if they have a judgment against you and they know the banking information.

  3. Brett D Weiss

    Pro

    Contributor Level 18

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    Lawyer agrees

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    Answered . If it sues you, and wins, it can attach your bank accounts and garnish your wages.

    Brett Weiss
    brett@BankruptcyLawMaryland.com
    www.BankruptcyLawMaryland.com

    *****************************************************************
    The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation.
    *****************************************************************

Related Topics

Debt

There are different types of debt, but all involve one person (the debtor) owing money to another (the creditor). Terms of repayment are governed by a contract.

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