Warrant in Debt - Credit Card - Lien?

Submitted by Unemployed2 on Fri, 03/25/2011 - 20:38
Forums

Hello All, thanks in advance for your help/advice.

I've unfortunately been unemployed for a number of years and have gone through my savings. I am the father of 3 small children.

I have racked up huge credit card debts. One, with Citibank, is over $13K.

Just got a "Warrant of Debt" to appear in court, not issued by Citibank it looks like but what appears to be a law firm or debt collection firm.

Anyway, bottom line is that I really do owe this money and fully intend to pay this off somehow.

My question: Since this is a Credit Card debt, can they put a lien on any real estate property I am part owner of on paper?

I inherited some real estate when my parents passed, which I co-own on paper with my siblings, and my share has already been willed to my three children, at this stage the only thing I can really give them of financial value if I suddenly drop dead. And I do not want my debtors to be able to touch it for that reason, obviously.

So, the question again, since this is a CREDIT CARD debt, in light of this Warrant in Debt court summons, is my (and hence my kids') RE property share at risk of getting tainted with a lien.

Thanks again for your help, advice and time.

There are individual state laws on how a lien can be placed on your property. Lien can be attached to your property. If you refinance or sale, then the lien is paid off. If you die prior to paying these liens, then they have to be paid off with property probate from your estate funds.

Sat, 03/26/2011 - 07:16 Permalink

Thanks for the info! Would anyone happen to know the laws in the state of Virginia?

Mon, 03/28/2011 - 12:47 Permalink