bird Posted April 18, 2007 Report Share Posted April 18, 2007 From what I've understood credit cards are unsecured debt. I got a citation that I was being sued. After reading up on judgements I found out that a judgment in Texas could make credit card debt secure. I'm afraid that my house will be taken b/c I rent it out. In Texas your homestead is protected but since I rent out the property, I don't think my home would be protected. Can someone give me some insight on whether my home could be taken? Thanks. Link to comment Share on other sites More sharing options...
shokanson_03 Posted April 18, 2007 Report Share Posted April 18, 2007 Credit Card debt is unsecured debt your right...many states have diff laws on what they can ...honestly i'm about 95% sure that they will not take your house you can have a judgement for years and years...many people have them...your house is a diff story...but you should do whatever you can do to pay it off...even if you have to make payments to the collection agency it least they know you are trying and lots will tell you that they dont take payments but that is a lie...do what you can but dont be worried unless the credit card is alot of money i dont think they will do anything...the irs can do whatever they want but credit cards are very diff than themFrom what I've understood credit cards are unsecured debt. I got a citation that I was being sued. After reading up on judgements I found out that a judgment in Texas could make credit card debt secure. I'm afraid that my house will be taken b/c I rent it out. In Texas your homestead is protected but since I rent out the property, I don't think my home would be protected. Can someone give me some insight on whether my home could be taken? Thanks. Link to comment Share on other sites More sharing options...
someonesomewhere Posted April 18, 2007 Report Share Posted April 18, 2007 Since you're in Texas, be sure you read up on the Texas Debt Collection Law and the Homestead Law (in the state constitution). There are some potent state laws affording you additional protections.http://www.occc.state.tx.us/pages/consumer/education/DebtColl.htmhttp://www.oag.state.tx.us/AG_Publications/txts/debt.shtmlhttp://www.oag.state.tx.us/opinopen/opinions.php?headingID=53http://tlo2.tlc.state.tx.us/txconst/sections/cn001600-005000.htmlIt appears not to matter whether your property is rented.http://tlo2.tlc.state.tx.us/txconst/sections/cn001600-005100.html... any temporary renting of the homestead shall not change the character of the same, when no other homestead has been acquired Link to comment Share on other sites More sharing options...
bird Posted April 19, 2007 Author Report Share Posted April 19, 2007 Thanks for all the info given. It seems as if I'm ok. Link to comment Share on other sites More sharing options...
unusualsuspect Posted April 19, 2007 Report Share Posted April 19, 2007 Judgments on credit cards are not secured... but they can use that to seize other assets towards paying that judgment.Texas has very strong homestead laws. If you are renting the house out, how is it vested. My advice would be to vest it into an LLC. Link to comment Share on other sites More sharing options...
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