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What actions can the creditor take if you can't pay your debt?In: Debt Collection |
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They can initiate a lawsuit. If the creditor wins the suit, they will then petition for a writ of judgment and proceed to execute it. That can be in the form of wage garnishment, bank account levy, liquidation of nonexempt assets. Every state has a set of exemptions that the debtor can use to protect specific property. These exemptions are the same ones that are used in bankruptcy.
First answer by Nikki. Last edit by Nikki. Question popularity: 90 [recommend question]
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What can the creditor do if you don't pay? How do creditor punish people who don't pay the debt? What legal actions can a creditor take for non payment? What happens when you cannot pay the creditor in question? What actions can the creditor take if you can't pay my debt? Are there laws where creditor can be put in jail for not being able to pay the said debt?
