Ask Experts Questions for FREE Help !
Ask
    nyrinvermont's Avatar
    nyrinvermont Posts: 6, Reputation: 1
    New Member
    		  
    #1

    Mar 18, 2011, 08:12 AM
    Can a credit card company seize a tractor that still has a loan on it
    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
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Mar 19, 2011, 05:19 AM

    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
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
    Expert
    		  
    #3

    Mar 19, 2011, 07:58 AM
    Quote Originally Posted by nyrinvermont View Post
    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?
    nyrinvermont's Avatar
    nyrinvermont Posts: 6, Reputation: 1
    New Member
    		  
    #4

    Apr 6, 2011, 12:09 PM
    Comment on AK lawyer's post
    The bank still holds the loan on the tractor. We have not defaulted or have never been late on payments with the bank.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
    Expert
    		  
    #5

    Apr 6, 2011, 11:31 PM

    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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

I owe credit card for $6000 and the credit card company subpoena me? [ 7 Answers ]

What should I do? I'm currently unemployed but I have money in my 401k. I offered the credit company $100 per month but they don't want to accept it. Will the judge give me a judgement to take my 401 k or will the judge accept my offer of $100 per mont? Please advise.

Being sued for credit card debt by law firm representing credit card company [ 7 Answers ]

Well, its happened. I have received a summons for a credit card debt by law firm. I have to go to the county court house to talk with the clerk... (not sure what will happen,never been sued before)If I don't go within 20 days, they say they will start proceedings to garnishing my wages. I do owe...

My husband has a credit card judgement against him can they seize our car? [ 1 Answers ]

We received a letter in the mail today from a lawyer about a store credit card from almost 10 years ago in my husband's name that apparently there was a judgement against him on and that if he doesn't pay they have the right to seize our car?

Can credit card company seize my home [ 3 Answers ]

Lost job in 06, finally took early social security, only income. Collectors calling 8 to 10 times a day. Can not pay debt. They are demanding and have threatened to seize my home and car (Florida homesteaded and car is 12 years old) What can I do?

Parents in debt, can credit card company seize son's assets? [ 3 Answers ]

My parents have some outstanding debt (right around $33,000) on a mastercard. Today my father seems to have just found out about it and called the company today. He basically told them to accept $30,000 immediately or sue. Now my question, my truck was purchased with my money, I can prove this, but...

View more questions Search