I have rec'd a letter from collection agency on mbna for arbitration in the amount of 15K:confused:

I have own over more 50k worth of unsecured credit card debt. I live in nyc, and own an co-op and married and have a family. Can the credit card from collection agency have sent a arbitration letter to me on my past due account Can they put a lien on my property and other stuff that I own. Please reply.
:mad:
Thank

I don't know that I completely follow..... they sent you a letter threatening arbitration, or they sent you a summons? If it is a summons, then it is serious and they could ultimately put a lien on your property, etc. If they are just threatening, then there is a whole process to fight it, or at least delay it so you can get some more info. This is the web site I used to fight my old debt, and got one cc with an original balance of $4400 completely dismissed. Debt Validation: The ultimate weapon against the collection agencies (http://www.creditinfocenter.com/rebuild/debt_validation.shtml)

I think there is a validation of debt letter format on there. Start there. Keep us posted.

Generally they cannot take your home for unsecured debt. But they can attach bank accounts and garnish salary. I suggest you read the many threads here about how to deal with being sued.