Lawyer for a credit card company have a judgement against us for $20,000. Can they seize our tractor that we still owe money on.We paid $27,000 for tractor and still owe $6500 on the loan

Hello ny:

Before they seize anything, they SHOULD have sent you a form to fill out that describes your assets. If THEY did that, and YOU filled it out properly, they can't take property that belongs to the BANK and not YOU. That would be your tractor.

If they DIDN'T do that, your lawyer can stop them from seizing your tractor. If you don't have a lawyer, I'd get one.

excon

Lawyer for a credit card company have a judgement against us for $20,000. Can they seize our tractor that we still owe money on.We paid $27,000 for tractor and still owe $6500 on the loan

Does whoever you owe for the tractor have a perfected security interest or other lien on the tractor?

The bank still holds the loan on the tractor. We have not defaulted or have never been late on payments with the bank.

You didn't answer my question, but since it's a bank, I think we can safely assume they perfected their lien on the tractor.

If so, yes, the CC judgment creditor could seize the tractor and sell it (assuming your interest in the tractor isn't protected by an exemption from execution) to help satisfy their judgment. But they would have to pay off the bank from the proceeds. Anything left over would go toward their judgment. Whether they will do so is another matter, because they might very well figure it's not worth more than $6,500.